Amazon CEO Jeff Bezos will resign later this year, handing over leadership to the company’s top executive, Andy Jassy, the company announced on Tuesday. Bezos will move to the executive chairman of the Amazon board.
Bezos founded Amazon in 1994 and since then has transformed it from an online bookstore into an online mega retailer that sells and delivers all kinds of products worldwide. In January last year, Amazon exceeded a $ 1 trillion market cap under Bezos. It is now worth more than $ 1.6 trillion.
Jassy joined Amazon in 1997 and has led Amazon’s cloud web services team since its inception. AWS continues to make a large profit from Amazon
“I am pleased to announce that this Q3 I will move on to the executive chairman of the Amazon board and Andy Jassy will become CEO,” Bezos said in a letter to employees. “As an Exec chair, I intend to focus my energy and attention on new products and early initiatives. Andy is well known in the company and has been with Amazon for almost as long as I did. He will be a remarkable leader and he has my full confidence. “
Bezos said he will remain involved in major Amazon projects, but will also have more time to focus on the Bezos Earth Fund, its Blue Origin spacecraft company, The Washington Post and the Amazon Day 1 Fund.
Amazonian colleagues:
I am pleased to announce that this Q3 I will move on to the executive chairman of the Amazon board and Andy Jassy will become CEO. In the role of Exec chair, I intend to focus my energies and attention on new products and early initiatives. Andy is well known in the company and has been on Amazon for almost as long as I did. He will be a remarkable leader and has my full confidence.
This journey began about 27 years ago. Amazon was just an idea and had no name. The most frequently asked question at the time was “What is the Internet?” Fortunately, I didn’t have to explain this for a long time.
Today, we employ 1.3 million talented, dedicated people, serve hundreds of millions of customers and companies and are widely recognized as one of the most successful companies in the world.
How did this happen? Invention. The invention is the root of our success. We did crazy things together and then we made them normal. We initiated customer reviews, 1-click, personalized recommendations, extremely fast delivery of Prime, Just Walk Out shopping, Climate Pledge, Kindle, Alexa, market, cloud computing infrastructure, Career Choice and more. If you understand correctly, a few years after a surprising invention, the new thing has become normal. People yawn. And yawning is the greatest compliment an inventor can receive.
I don’t know of another company with an inventive experience as good as Amazon and I think we are the most inventive of ours now. I hope you’re as proud of our inventiveness as I am. I think you should be.
As Amazon grew, we decided to use our scale and scope to lead on important social issues. Two high-impact examples: our $ 15 minimum wage and the climate commitment. In both cases, we relied on leadership positions and then asked others to come with us. In both cases, it works. Other big companies are getting in our way. I hope you’re proud of that, too.
I find my work meaningful and fun. I start working with the smartest, the most talented, the most ingenious teammates. When the times were good, you were humble. When the times were hard, you were strong and supportive and we made ourselves laugh. It is a joy to work in this team.
No matter how much I still dance in the office, I am delighted with this transition. Millions of customers depend on us for our services and more than a million employees depend on us for their livelihoods. Being the CEO of Amazon is a deep and consuming responsibility. When you have such a responsibility, it is difficult to focus on anything else. As President of Exec, I will remain involved in important Amazon initiatives, but I will also have the time and energy I need to focus on Day 1 Fund, Bezos Earth Fund, Blue Origin, The Washington Post and my other passions. . I have never had more energy and it is not about retirement. I am very passionate about the impact that I think these organizations can have.
Amazon could not be better positioned for the future. We shoot all the cylinders, as the world needs us. We are working on things that will continue to amaze. We serve individuals and businesses and have been the pioneers of two complete industries and a whole new class of devices. We are leaders in fields as diverse as machine learning and logistics, and if the idea of an Amazonian requires yet another institutional skill, we are flexible and patient enough to learn it.
Keep inventing and don’t despair when at first the idea sounds crazy. Don’t forget to walk. Let curiosity be your compass. Day 1 remains.
Jeff
This is breaking news. Please check again for updates.