Jeff Bezos has today announced that he will step down as CEO of Amazon after heading up the company for over 30 years.
Mr Bezos, whose current net worth is est $200 billion, will be replaced by Andy Jassy, who currently leads Amazon’s cloud computing business.
According to reports, the handover will happen in the second half of this year.
“Being the CEO of Amazon is a deep responsibility, and it’s consuming. When you have a responsibility like that, it’s hard to put attention on anything else,” Mr Bezos said in a letter to Amazon staff on Tuesday.
“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.”
“I’ve never had more energy, and this isn’t about retiring. I’m super passionate about the impact I think these organisations can have,” he added.
Explosive growth over the past few years
It’s no secret that the company has performed well during the pandemic, as consumers moved to buying goods online.
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Shares remain stable
But investors and traders alike seem unphased in the decision, with the announcement having little impact on the company’s share price.
Who is Andy Jassy?
Andy Jassy, a Harvard graduate, has been with Amazon since 1997 and helped develop Amazon Web Services, which has been a very profitable arm of the business.
The division provides cloud computing and storage for governments and companies including McDonald’s and Netflix.
“Andy is well known inside the company and has been at Amazon almost as long as I have. He will be an outstanding leader, and he has my full confidence,” Mr Bezos said.
Sophie Lund-Yates, an analyst at Hargreaves Lansdown, said it was “no accident” that Amazon is tapping the head of the cloud business to lead the company.