Jeff Bezos, The founder of e-commerce giant Amazon is to step down as Chief Executive Officer as the company reported its third consecutive record profit and quarterly sales of $100 billion for the first time.
Brian Olsavsky, the cheif financial officer of Amazon said Jeff is not leaving he will become executive chairman, so that he can focus on his other ventures.
The world’s richest man, Mr Bezos, will be replaced by the current Amazon’s cloud computing chief Andy Jassy in a surprising move, the company said the move will take place in the second half of 2021.
Mr. Jeff Bezos, the Chief Executive Officer of Amazon in a letter to Amazon Staff said:
“Being the CEO of Amazon is a deep responsibility, and it’s consuming. When you have a responsibility like that, it’s hard to put attention on anything else,”
“As Exec Chair I will stay engaged in important Amazon initiatives but also have the time and energy I need to focus on the Day 1 Fund, the Bezos Earth Fund, Blue Origin, The Washington Post, and my other passions.”
The fifty seven year old Jeff Bezos has led the Amazon since its start as an online bookshop in 1994, Amazon now employs 1.3 million globally and has its hand in everything from streaming video, delivering package to cloud services and also advertising.
In 2020 the firm reported $386bn in sales which was up 38% from 2019
After announcing the plans, Jeff Bezos said he would continue to focus on new projects and different initiatives. He has invested his wealth into other businesses such as blue origin, space exploration and Washington post newspaper.
