Jeff Bezos will step down as Amazon CEO and become the company’s Executive Chairman later this year. The transition will make Amazon Web Services (AWS) Founder Andy Jassy Amazon’s next Chief Executive Officer in the third quarter.
This decision comes even as the e-commerce company reported its third consecutive record profit and quarterly sales above $100 billion for the first time in the December quarter of 2020. Consumers turned to Amazon for holiday shopping increasing their net sales to $125.56 billion, beating analyst estimates of $119.7 billion, according to IBES data from Refinitiv.
Bezos, who founded the company 27 years ago selling books online, said in a note to employees posted on Amazon’s website, “As Exec Chair I will stay engaged in important Amazon initiatives but also have 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.”