Amazon's Bezos to Step Down From CEO Role in Third Quarter

Amazon's Bezos to Step Down From CEO Role in Third Quarter

Bezos will move to his new role within the company in Q3 2021.

Amazon won't completely lose the Bezos effect, of course, as he plans to stay on as executive chair. "If I were Oracle or Google or Microsoft, I'd be more nervous".

"As much as I still tap dance into the office, I'm excited about this transition", Bezos said in an internal announcement.

Amazon is now the world's largest online sales company, the largest Internet company by revenue, and the world's largest provider of virtual assistants and cloud infrastructure services through its Amazon Web Services branch. Jassy has worked for Amazon since 1997 and now serves as CEO of the company's cloud business, Amazon Web Services, which is its biggest profit driver. "He will be an outstanding leader, and he has my full confidence", Bezos said of the AWS chief in his email to employees.

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"Today, we employ 1.3 million talented, dedicated people, serve hundreds of millions of customers and businesses, and are widely recognized as one of the most successful companies in the world", he said in his letter. "Right now, I see Amazon at its most inventive ever, making it an optimal time for this transition".

Amazon founder Jeff Bezos announced Tuesday he will be stepping down from his position as the company's CEO. He oversaw its growth from an online bookseller into a $1.7 trillion global retail and logistics behemoth, which has also made Bezos into one of the world's richest people. Insiders say Bezos has unbounded trust in Jassy, who was promoted from AWS's senior vice president to CEO in 2016. Musk recently leapfrogged Bezos amid a surge in Tesla's share price. Amazon also temporarily closed a New Jersey warehouse after a spike in COVID-19 cases among workers in December.

Bezos' riches have also swelled: His stake in Amazon is now worth about $180 billion.

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