Published: Wed, February 03, 2021
Tech | By

Jeff Bezos Is Stepping Down As CEO Of Amazon

Jeff Bezos Is Stepping Down As CEO Of Amazon

Bezos founded Amazon in 1994 and has been leading the company ever since.

Despite some headwinds from the pandemic, Amazon charted record sales and profit in 2020 and doesn't expect a slowdown in the coming months - though the results were overshadowed by news that founder Jeff Bezos would step aside as CEO by the third quarter of this year.

AWS is "arguably the most profitable important technical technology company in the world", said Brian Olsavsky, the Amazon chief financial officer, on a conference call with analysts and investors after the fourth-quarter earnings report Tuesday afternoon, speaking to Jassy's experience and credentials for running the larger company.

"As much as I still tap dance into the office, I'm excited about this transition", Bezos said in a letter to employees, announcing the end of his 27-year run. "I'm super passionate about the impact I think these organizations can have". Online Stores and Other revenue (which includes Advertising) were well ahead of our expectations, and we remain optimistic about Amazon's advertising prospects in particular.

"Andy is well known inside the company and has been at Amazon nearly as long as I have", Bezos said in a statement.

Bezos has led the company through its historic growth and milestones including the acquisition of the Whole Foods market in 2017 for $13.4 billion and the surpassing of one hundred million Amazon Prime, the company's two-day delivery service, subscribers. "In the Exec Chair role, I intend to focus my energies and attention on new products and early initiatives".

Synergy Research Group Chart
Synergy Research Group Chart

Bezos, who is the company's biggest shareholder, will still have broad influence over Amazon.

The company is based in Seattle, Washington, and is developing a second headquarters outside the US capital.

Over the last decade, he has piloted Amazon to a US$1.7 trillion market capitalization, where it now occupies the same rarified trillion-dollar air as Microsoft Corp. and Apple Inc.

Netizens are applauding Bezos deciding to step down when he's still "ahead in the game" - referring to Amazon's global success as well as Bezos' net worth of $185.7 billion that makes him one of the world's richest individuals. Amazon remains well positioned to prosper from the shift toward e-commerce during the COVID-19 pandemic (with particular strength in groceries and staples) in the near term, but also the secular shift toward e-commerce in the long term.

In the letter to his 1.3 million employees worldwide, Bezos reiterated the importance of "invention".

When did Jeff Bezos start Amazon?


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