Founder Jeff Bezos introduced stepping down as Amazon CEO on Tuesday, after serving for 27 years.
Bezos will transition to the position of govt chair within the third quarter of this yr, which begins July 1, the corporate stated. Andy Jassy, the chief govt of Amazon Net Companies, will take over as CEO of Amazon.
The businessman revealed different issues he’ll concentrate on in a memo to workers, as he fingers over to a successor.
He stated the transition will give him “the time and power I have to concentrate on the Day 1 Fund, the Bezos Earth Fund, Blue Origin, The Washington Submit, and my different passions.”
The information of Jeff stepping down has taken over each neighborhood and it’s garnered blended emotions.
Amazon reported a yr of file progress on Tuesday, together with a 38 % enhance in internet gross sales from 2019, netting the corporate $21 billion in revenue, almost double from the yr earlier than. Traders didn’t appear fazed by the information, both. Amazon’s share value was up about 1.5 % following the announcement.