Amazon CEO Jeff Bezos will step down later this year and hand over the helm to the company’s top cloud manager, Andy Jassy, the company announced Tuesday. Bezos will transfer to executive chairman of Amazon’s board of directors.
Bezos founded Amazon in 1994 and has since turned it from an online bookstore into a mega online retailer selling and delivering all kinds of products around the world. In January last year, Amazon, led by Bezos, surpassed a market cap of $ 1 trillion. It is now worth more than $ 1.6 trillion.
Jassy joined Amazon in 1997 and has led Amazon’s Web Services cloud team from the beginning. AWS continues to generate much of Amazon’s profits.
“I am delighted to announce that in this third quarter I will move to Executive Chair of the Amazon Board and that Andy Jassy will become CEO,” Bezos said in a letter to employees. “In the role of Exec Chair, I intend to focus my energy and attention on new products and early initiatives. Andy is well known within the company and has been with Amazon for nearly as long as I have. He will be an excellent leader, and he has my full confidence. “
Bezos said he will remain involved in major Amazon projects, as well as have more time to focus on the Bezos Earth Fund, his Blue Origin spaceship company, The Washington Post, and the Amazon Day 1 Fund.
“As much as I still enjoy tap dancing in the office, I am excited about this transition,” Bezos said in his internal announcement. “Millions of customers depend on us for our services, and over a million employees depend on us for their livelihoods. Being Amazon CEO is a big responsibility, and it costs a lot. When you have that kind of responsibility, it’s hard to pay attention. for something else. “
Fellow Amazonians:
I am delighted to announce that in this third quarter, I will be moving to Executive Chair of the Amazon Board and Andy Jassy will become CEO. In the role of Exec Chair, I plan to focus my energy and attention on new products and early initiatives. Andy is well known within the company and has been with Amazon for almost as long as I have. He will be an excellent leader and he has my complete confidence.
This journey started about 27 years ago. Amazon was just an idea, and it didn’t have a name. The question I was asked most back then was, “What is the Internet?” Blessed, I don’t have to explain that for a long time.
Today, we employ 1.3 million talented, dedicated people, serve hundreds of millions of customers and businesses, and are widely recognized as one of the most successful companies in the world.
How did that happen? Invention. Invention is the root of our success. We did crazy things together and then made them normal. We pioneered customer reviews, 1-click personalized recommendations, Prime’s insanely fast shipping, Just Walk Out stores, the Climate Pledge, Kindle, Alexa, marketplace, cloud computing infrastructure, Career Choice and much more. If you do it right, a few years after a surprising invention, the new normal has become. People yawn. And that yawn is the greatest compliment an inventor can get.
I don’t know of another company with a track record of inventions as good as Amazon’s, and I think we’re the most inventive right now. I hope you are as proud of our inventiveness as I am. I think you should be.
When Amazon got big, we decided to use our scale and scope to lead important social issues. Two impressive examples: our $ 15 minimum wage and the climate pledge. In both cases, we set out leadership positions and then asked others to join us. In both cases it works. Other big companies are coming our way. I hope you are proud of that too.
I find my work meaningful and fun. I’m going to work with the brightest, most talented, most ingenious teammates. When times have been right, you have been humble. In difficult times you have been strong and supportive and we made each other laugh. It is a joy to work in this team.
As much as I love to dance in the office, I am excited about 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 responsibility, and it takes a lot. When you have such a responsibility, it is difficult to draw attention to anything else. As an Exec Chair, I will remain involved in major Amazon initiatives, but I 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 am super passionate about the impact these organizations can have in my opinion.
Amazon couldn’t be better positioned for the future. We fire on all cylinders, just as the world needs it. We have things in the pipeline that continue to amaze us. We serve individuals and businesses, and we’ve pioneered two entire industries and a whole new class of devices. We are leaders in areas as varied as machine learning and logistics, and if the idea of an Amazon requires yet another new institutional skill, we are flexible enough and patient enough to learn it.
Keep inventing and don’t despair if the idea looks crazy at first. Don’t forget to wander. Let curiosity be your compass. It remains day 1.
Jeff
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