Jeff Bezos, CEO and founder of Amazon, has announced that he intends to step down as CEO, a role that will pass to Andy Jassy.
In the third quarter of the year Jeff Bezos will take on the role of executive chairman of the Amazon board of directors, while Andy Jassy, current CEO of Amazon Web Services, will take on the position of CEO.
In a letter written to Amazon employees, Bezos said that by taking on the role of executive chairman he will be able to focus his energy and attention on new products and initiatives. From the letter, it appears that Bezos intends to use the remaining time to focus on other initiatives, including the Day 1 Fund, the Bezos Earth Fund, Blue Origin and The Washington Post. Despite stepping down from his top position at Amazon, Bezos says he will not be retiring, so he is likely to remain involved at the top of the company.
Who is Andy Jassy?
New Amazon CEO Andy Jassy isn’t exactly a household name. He is currently the leader of AWS, so he is already responsible for what is the most important part of Amazon’s business. In fact, the earnings statement, released by the company along with the news of the transition to the role of CEO, showed that AWS enabled the company to earn $ 13.5 billion in 2020, up 47% compared to 2019. accounts for more than half of Amazon’s total profits in 2020, which were $ 21.3 billion.
Under Bezos’ leadership, Amazon has grown into one of the most successful businesses in the world, moving from an online book retailer to a well-rounded retailer. Even the video streaming service Amazon Prime Video, after a somewhat slow start, has grown a lot in recent years, thanks also to an important series of original content. Finally, let’s not forget Amazon’s hardware products, such as the Kindle ebook readers, the smart speakers of the Echo series and the virtual assistant Alexa.
Andy Jassy will inherit all these successes, but also several challenges, including the ongoing antitrust investigations on Amazon both in the United States and abroad. Another issue that is likely to attract a lot of attention is how the company will address its impact on the environment. In 2019, Amazon faced significant pressure from its employees due to its climate change inertia. In 2020, however, the company began working on more environmentally friendly policies.