Amazon Appointed Andy Jassy A New CEO Of The Company, Jeff Bezos Step Down

Amazon.com’s new Chief Executive Andy Jassy is a long-term Amazon executive who has served the company since 1997, set to replace founder Jeff Bezos.

Amazon.com Inc on Tuesday said founder Jeff Bezos would step down as Chief Executive Officer (CEO) and become executive chairman after nearly 30 years at the company, as the company reported its third consecutive record profit and quarterly sales above $100 billion for the first time.

The transition, slated for the third quarter, will make current cloud computing Chief Andy Jassy Amazon’s next CEO.

Mr. Bezos, who started the company 27 years ago as an internet bookseller, said in a note to employees posted on Amazon’s website, “as Exec Chair I will stay engaged in important Amazon initiatives but also have the time and energy I need to focus on day 1 fund, the Bezos Earth Fund, blue origin, the Washington Post, and my other passion including philanthropy.

He further added, “I have never had more energy, and this is not about retiring.”

Amazon chief financial officer Brian Olsavsky told media on a conference call that costs associated with the pandemic in the first quarter are expected to total $2 billion, down from $4 billion in the fourth quarter.

Due to the pandemic, consumers have turned increasingly to Amazon for delivery of home staples and medical supplies. Brick-and-mortal shops closed their doors, Amazon, the world’s largest online retailer, instead recruited over 400,000 more workers and posted consecutive record profit.

It expanded it services from warehouse including online sales, subscription sale to merchants on its platform.

Amazon also said, “it was not announcing a replacement for Jassy at this time.

Mr. Jessy, who joined Amazon after graduating from Harvard business school, worked as a technical assistant for Mr. Bezos in the early 2000s and was instrumental in leading the company’s push outside of book sales.

Mr. jazzy has overseen the company’s fast-growing cloud computing business, and says the key to long-term success is reinvention.

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