This Is Why Amazon Founder Jeff Bezos Resigned As CEO; Impact On Share Prices?
Andy Jassy, The New CEO Of Amazon
Further, Bezos plans to become the executive chairman in the third quarter of this year.
According to Amazon, it’s head of cloud division Amazon Web Services (AWS), Andy Jassy will succeed Bezos to become the next Amazon CEO.
Interestingly, the news of Bezos’ decision to step down as CEO comes after Amazon reported quarterly sales above $100 billion for the first time.
As per the company’s plan, Bezos would transition to the new role of executive chair in the third quarter of this year, starting from July 1.
While, the chief executive of Amazon Web Services, Andy Jassy, will take over as CEO of Amazon.
Bezos Future Plans
Twenty-seven years ago, Bezos began Amazon.com as an internet bookseller, which has now become one of the world’s most valuable companies.
The next Amazon CEO, Jassy who joined Amazon in the year 1997 has been mainly responsible for growing the cloud division AWS currently used by millions of customers today.
While talking about the transition, Bezos said that it 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.”
Although the transition does not necessarily suggest any significant change to Amazon’s business, it set off alarm bells on Wall Street and throughout the business community.
“I’ve never had more energy, and this isn’t about retiring,” Bezos added.
Steady Growth In Amazon
While talking about Jassy, the chief transformation officer at global marketing firm Mindshare, Tom Johnson said “Jassy’s promotion underscored the centrality of the web hosting business to Amazon’s strategy.”
Further, he added, “Jassy’s background in steering AWS shows just how the top of mind those services are to Amazon’s business strategy. It’ll be interesting to see how that affects their strategy and balancing that priority with a growing ad business and the commerce behemoth,” he added.
Talking about Amazon, it has reported a year of record growth on Tuesday, which includes a 38 percent increase in net sales from 2019.
Moreover netting the company $21 billion in income, which is nearly double from the year before.