Jeff Bezos to Step Down as Amazon CEO

Amazon announced that founder Jeff Bezos will step down as CEO in the third quarter of 2021, moving into a new role as executive chair.

Andy Jassy, currently CEO of Amazon Web Services (AWS), will become Amazon.com’s CEO at that time. The ecommerce giant made the announcement alongside blowout fourth-quarter 2020 earnings, its biggest-ever quarter of revenue and net income.

In prepared remarks, Bezos said it was an “optimal time” for the CEO transition, because Amazon is “at its most inventive ever.” The 57-year-old exec, one of the wealthiest people in the world with a current net worth of about $197 billion, founded Amazon.com as an online bookstore in 1994 and has headed the company ever since.

The exec outlined the “crazy things” that Amazon has done as a team and then made them “normal.”

“We pioneered customer reviews, 1-Click, personalized recommendations, Prime’s insanely-fast shipping, Just Walk Out shopping, the Climate Pledge, Kindle, Alexa, marketplace, infrastructure cloud computing, Career Choice, and much more. If you do it right, a few years after a surprising invention, the new thing has become normal. People yawn. That yawn is the greatest compliment an inventor can receive,” Bezos said in a statement.

Jassy, Bezos’ replacement as chief executive, first joined Amazon in 1997 as a marketing manager. Jassy formed AWS in 2003 and Amazon promoted him from SVP to CEO in 2016.

Under Jassy’s leadership, AWS has experienced massive growth — and massive profitability. For Q4, AWS had $12.7 billion in revenue (up 28%) and operating income of $3.6 billion (up 37%). The web services and infrastructure unit had an operating margin of 30% for 2020, compared with operating margin of 5.9% for the company overall.

Overall, Amazon continued to ride coronavirus tailwinds in Q4, historically the e-tailer’s biggest quarter thanks to holiday shopping. Sales increased 44% to an eye-popping $125.6 billion in Q4, and Amazon’s net income more than doubled year-over-year, to $7.2 billion. That translated into earnings of $14.09 per diluted share — utterly smashing Wall Street expectations.

(Excerpt) Read more in: Variety

Jeff Bezos to Step Down as Amazon CEO

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