Jeffrey Preston Bezos is an American internet entrepreneur, industrialist, media proprietor, and investor. He is the founder and CEO of the multi-national technology company Amazon for 27 years with his ex-wife.
Jeff Bezos has since built the company into one of the most successful companies of all time now worth $1.7 trillion.
Bezos, 57, announced the move in a letter to his 1.3 million Amazon employees Tuesday where he insisted he isn’t retiring but wants to focus on his ‘passions’ including his space and climate change ventures.
Bezos will transition to the role of executive chair in the third quarter of this year, which starts July 1, the company said. Andy Jassy, the chief executive of Amazon Web Services, will take over as CEO of Amazon.
In a Memo to employees, Bezos said the transition will give him “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.”
He will be replaced by 53-year-old Andy Jassy, the current CEO of the Amazon empire cloud business Amazon Web Services (AWS) and the man behind the move to cancel Parler back in January.
The announcement set off alarm bells on Wall Street and throughout the business community, though the transition does not necessarily make any significant change to Amazon’s business. Amazon reported a year of record growth on Tuesday, including a 38 percent increase in net sales from 2019, netting the company $21 billion in income, nearly double from the year before. Investors didn’t seem fazed by the news, either. Amazon’s share price was up about 1.5 percent following the announcement.