Amazon.com has announced that in the third quarter of this year, CEO Jeff Bezos will step down from his position and become executive chairman. Andy Jassy, head of Amazon’s Amazon Web Services (AWS) cloud division, will succeed Bezos and become the next CEO of Amazon, the company has confirmed.
The news of Bezos’ decision to step down as CEO comes after, for the first time, Amazon reported quarterly sales above $100 billion. To remember, 27 years ago, Bezos started Amazon.com as an internet bookseller, becoming one of the most valuable companies in the world today. Jassy, who will be the next CEO of Amazon, joined the firm in 1997. He was primarily responsible for growing the AWS cloud division, which is used today by millions of clients.
As per Reuters, Tom Johnson, chief transformation officer of global marketing firm Mindshare, said, “Jassy’s promotion emphasized the centrality of the web hosting company to the strategy of Amazon.”
The background of Jassy in steering AWS shows just how top of mind those services are to the business strategy of Amazon. “It will be interesting to see how this influences their strategy and balances that priority with a growing ad business and the behemoth of commerce,” he added.
As Exec Chair, I will remain involved in important Amazon initiatives but also have the time and energy I need to concentrate on the Day 1 Fund, the Bezos Earth Fund, Blue Origin, The Washington Post, and my other passions,” Bezos said in a note to staff posted on Amazon’s website.”
Blue Origin, for the ignorant, is Bezos’ space company. “I’ve never had more energy, and this isn’t about retiring,” he added.