Amazon announced Tuesday that current CEO Jeff Bezos will step down and AWS CEO Andy Jassy will replace him during the third quarter of 2021, CNBC reports.

  • Bezos will move into the executive role on Amazon’s board.
  • Bezos has been CEO since 1995 when he helped found the company.
  • The new CEO Jassy joined Amazon in 1997. He has led Amazon’s Web Services cloud.

The news about Bezos came during Amazon’s fourth-quarter earnings report, according to CNN. The company exceeded Wall Street projections due to the pandemic boosting retail and cloud business sales.

However, Tesla CEO Elon Mask recently passed Bezos to become the world’s richest man, as I wrote about for the Deseret News.

Key quote

Bezos said in a letter to employees (via Fast Company):

“I’m excited to announce that this Q3 I’ll transition to Executive Chair of the Amazon Board and Andy Jassy will become CEO. In the Exec Chair role, I intend to focus my energies and attention on new products and early initiatives. Andy is well known inside the company and has been at Amazon almost as long as I have. He will be an outstanding leader, and he has my full confidence.”

What’s next?

  • Per CNBC, Bezos “will stay engaged in important Amazon projects but will also have more time to focus on the Bezos Earth Fund, his Blue Origin spaceship company, The Washington Post and the Amazon Day 1 Fund.”