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Amazon’s Jeff Bezos Exits CEO Position; Head of AWS to Take Reins

After more than 25 years at the head of the company he founded, Jeff Bezos will step down from the CEO role at Amazon in Q3 2021. He will assume the role of Executive Chair and will be succeeded by Andy Jassy, currently the CEO of Amazon Web Services.

“Amazon is what it is because of invention,” said Bezos 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. 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.”

The announcement accompanied the ecommerce giant’s Q4 2020 earnings report. Net sales rose 44% to $125.6 billion. For 2020 as a whole, net sales increased 38% to $386.1 billion.

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