Amazon announced that founder Jeff Bezos will step down as CEO in the third quarter of 2021, moving into a new role as executive chair.
Andy Jassy, currently CEO of Amazon Web Services (AWS), will become Amazon.com’s CEO at that time. The ecommerce giant made the announcement alongside blowout fourth-quarter 2020 earnings.
Bezos didn’t directly address the executive transition plan in his prepared remarks.
“Amazon is what it is because of invention,” Bezos said in a statement. “We do crazy things together and then make them normal. We pioneered customer reviews, 1-Click, personalized recommendations, Prime’s insanely-fast shipping, Just Walk Out shopping, the Climate Pledge, Kindle, Alexa, marketplace, infrastructure cloud computing, Career Choice, and much more,” said Jeff Bezos, Amazon founder and CEO. “If you do it right, a few years after a surprising invention, the new thing has become normal. People yawn. That yawn is the greatest compliment an inventor can receive. When you look at our financial results, what you’re actually seeing are the long-run cumulative results of invention. Right now I see Amazon at its most inventive ever, making it an optimal time for this transition.”
More to come.