Jeff Bezos, CEO of Amazon, will step down later this year and hand over the helm to Andy Jassy, ​​the company’s top cloud manager, the company said Tuesday Bezos will become chairman of the board Switch Amazon

Bezos founded Amazon in 1994 and has since grown the one-off online bookstore into a mega-retailer with global reach across a number of different categories from gadgets to groceries to streaming Amazon achieved a market cap under Bezos’ leadership last January exceeded $ 1 trillion it is now worth more than $ 1 6 trillion

Amazon’s shares rose about 1% on Tuesday in expanded trading based on the earnings report and C-suite news, and the company’s stock is up around 4% so far in 2020 and is up nearly over the past 12 months 70% increased

The company had kept its succession plans a secret, despite spectators speculating that Jassy would succeed Jassy. Jassy joined Amazon in 1997 and has led Amazon’s cloud team for web services since its inception. AWS continues to grow much of Amazon’s bottom line

“I am pleased to announce that I will be moving to Executive Chairman of the Amazon Board this third quarter and Andy Jassy will become CEO,” said Bezos in a letter to employees, “I would like to be in the role of Exec Chair I focus my energy and attention on new products and early initiatives Andy has been known in the company and has been with Amazon for almost as long as I have. He will be a great leader and he has my full confidence “

The news came along with an earnings report in which Amazon released its first $ 100 billion quarter. AWS under Jassy saw revenue grow 28% in the fourth quarter By October 2020, AWS accounted for approximately 52% of Amazon’s operating income / p>

Brian Olsavsky, Amazon’s chief financial officer, said on the company’s call for profits that the change in senior management was decided in consultation with Amazon’s board of directors. He said Bezos will continue to be very involved and fingerprinting on many different Parts of the company have said Jassy is a visionary leader who will bring his own skills to the table, but Amazon expects a lot of continuity in the transition

Jassy Must Lead Company Through Antitrust Concerns Once He Takes The Reins After a 16-month investigation into competitive practices at big tech companies like Amazon, the House Antitrust Subcommittee concluded in October that Amazon, Apple, Facebook and Google have monopoly power Amazon is also confronted with antitrust complaints in the EU

Bezos said he will continue to be involved in major Amazon projects, but will also have more time to focus on the Bezos Earth Fund, his spacecraft company Blue Origin, the Washington Post and the Amazon Day 1 Fund

“As much as I dance to the office, I’m excited about this transition,” said Bezos in his internal announcement. “Millions of customers depend on us for our services, and over a million employees depend on us for a living Instructed to be the CEO of Amazon is a deep responsibility and costs a lot. When you have such a responsibility it is difficult to draw your attention to anything else “

Industry leaders and Amazon competitors congratulated Bezos and Jassy on the upcoming transition Microsoft CEO Satya Nadella described Jassy’s advertising as “deserved” “

I am excited to announce that this third quarter I will move to the Executive Chair of the Amazon Board and Andy Jassy will become CEO. In the role of Exec Chair, I want to focus my energy and attention on new products and early initiatives Andy has been known in the company and has been on Amazon for almost as long as I have. He will be an excellent leader and he has my full confidence

This journey started 27 years ago Amazon was just an idea and had no name The question I was asked most often at the time was, “What is the internet?” Fortunately, I haven’t had to explain that for a long time

Today we employ 13 million talented, dedicated people, serve hundreds of millions of customers and companies, and are recognized as one of the most successful companies in the world

How did that happen? Invention Invention is the root of our success We did crazy things together and then did them normally We pioneered customer reviews, 1-click, personalized recommendations, the insanely fast shipping of Prime, Just Walk Out shopping, the Climate Pledge, Kindle, Alexa, marketplace, infrastructure cloud computing, career choices and a lot more If you get it right, the new has become normal a few years after a surprising invention.People yawn and that yawn is the greatest compliment an inventor can get

I don’t know of any other company with a history of inventing as good as Amazon, and I believe we are the most inventive right now I hope you are as proud of our ingenuity as I am I think you should be

When Amazon grew up, we decided to use our scale and scope to clarify important social issues.Two powerful examples: our minimum wage of $ 15 and the climate pledge.In both cases, we staked out leadership positions and then asked others Coming with me It works either way Other big companies approaching us I hope you’re proud of it too

I find my job meaningful and fun I work with the brightest, most talented and ingenious teammates When times were good, you were humble When times were tough, you were strong and supportive and we made each other laugh, it’s one It is a pleasure to work in this team

As much as I dance to the office, I’m excited about this transition. Millions of customers depend on us for our services, and more than a million employees depend on us for a living. Being the CEO of Amazon is one deep responsibility and costs a lot When you have such a responsibility it is difficult to draw attention to anything else. As an Executive Chair, I will continue to be involved in major Amazon initiatives, but I also have the time and energy I need to be around myself focusing on the Day 1 Fund, the Bezos Earth Fund, Blue Origin, the Washington Post and my other passions I’ve never had more energy and it’s not about retiring I am very excited about the impact these have Organizations in my opinion can have

Amazon couldn’t be better positioned for the future We’re shooting at all the cylinders the world needs We have things in the pipeline that will continue to amaze. We serve individuals and corporations, and have pioneered two entire industries and one totally New Class of Devices We are leaders in fields as diverse as machine learning and logistics If an Amazonian’s idea calls for another new institutional skill, we are flexible and patient enough to learn it

Keep inventing and don’t despair if the idea looks crazy at first sight. Remember to wander. Let curiosity be your compass. Day 1 remains

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Jeff Bezos

World news – USA – Jeff Bezos resigns as CEO of Amazon, Andy Jassy takes over the management in the third quarter

Source: https://www.cnbc.com/2021/02/02/jeff-bezos-to-step-down-as-amazon-ceo-andy-jassy-to-take-over-in-q3.html