The world’s second most richest person and the founder of the world’s e-commerce behemoth, Jeff Bezos to resign from the position of Chief Executive Officer (CEO) of Amazon.com, Inc. (NASDAQ: AMZN) – the company he founded 27 years ago.
In Amazon’s Q4 2020 earning release, the company has informed that in the third quarter of this year Bezos will transition to the role of executive chair.
So, who is going to replace Jeff Bezos to lead Amazon on the global front?
It’s Andy Jassy.
Andy is the chief executive of Amazon Web Services and he will take over as CEO of Amazon after Jeff Bezos steps down as CEO of Amazon.
Bezos believes that it’s time for him to focus on other responsibilities. He stated that the much needed transition will allow him to have the time and energy required to focus on the Day 1 Fund, the Bezos Earth Fund, Blue Origin, The Washington Post, and his other passions.
but, why the third quarter?
Jeff Bezos also feels that that the timeline set for the transition is optimal and will allow the Andy to have a smooth transition.
Investors, on the other hand, didn’t see much of problem here as Amazon posted an impressive report card of 2020. The company reported a whopping 84% YoY growth in its net profit and 38% YoY growth in net sales for the year ended December 31, 2020.
It remains to be seen how active Bezos will be in Amazon’s business in his new role.