Jeff Bezos will move to the role of Amazon CEO in the third quarter of this year, starting from July 1, Amazon announced. Andy Jassy, CEO of Amazon Web Services, will take over as CEO of Amazon.
In a note to employees, billionaire Jeff Bezos said the transition would give him the time and energy needed to focus on Day 1 fund, Bezos Earth fund, Blue Origin, The Washington Post and other passions.
NBC News said that Bezos' announcement has sounded the alarm on Wall Street and in the business community, although the transition will not necessarily lead to any significant changes to Amazon's business operations.
Amazon reported a record year of growth on February 2, including 38% increase in revenue compared to 2019, bringing the company $21 billion in revenue, nearly double the previous year. Investors do not seem to be worried about this news. Amazon's stock price increased by about 1.5% after the announcement.
Bezos left Amazon at a time when its market value was around $1.7 trillion and Amazon was one of the world's most valuable companies.
The US newspaper noted that it is still necessary to wait and see how Jeff Bezos will do well in Amazon's business when he leaves the CEO position. Several major technology executives have resigned but are still closely involved in the company's operations, including Donald Ellison at Oracle and Bill Gates at Microsoft. In addition, Jeff Bezos is still one of the largest shareholders of Amazon.
This move is a major turning point for one of the most successful enterprises in US history. Jeff Bezos founded Amazon in 1994 as an online bookstore. Billionaire Jeff Bezos is one of the richest people in the world, recently being pushed from the position of the richest billionaire in the world by Tesla CEO Elon Musk.
