The current CEO and Founder of Amazon, Jeff Bezos, is going to leave the seat of CEO and transition to a new position. Jeff Bezos will now take the Executive Chair in the third quarter of 2021. The Founder will be replaced by Andy Jessy, who is currently leading the Amazon Web Services (AWS) department.

This news was announced along with the announcement of financial results of the company. In the year 2020, Amazon performed financially well because its net sales increased by 38% (to $386.1 billion) as compared to the year 2019 where the sales were $280.5 billion. The net income of the company also increased to $21.3 billion. The operating income of the company increased to $22.9 billion which is higher than the operating income of 2019 ($14.5 billion).

While announcing the financial results, Jeff Bezos said that what Amazon is today is all as a result of invention. Amazon has invented many things included Alexa, Kindle, personalized recommendations, and much more. Jeff Bezos sees Amazon as the most inventive company which makes the time of his transition to the position of Executive Chairman optimal.

Amazon was founded in the year 1994 and since then Jeff Bezos has held the position of CEO. The company over the years has transformed from being just an online bookstore to a giant e-commerce company today. The new position will allow Jeff Bezos to focus more on new products and initiatives rather than the day to day business operations of the company. Andy Jessy who is going to replace Bezos is not a new face. In fact, Jessy joined Amazon back in 1997. Amazon Web Services (AWS) was founded in the year 2003 and since then Jessy has been leading the AWS team. In the year 2016, Andy Jessy was listed as the CEO of Amazon Web Services.

After announcing his transition to a new role, Jeff Bezos emailed all his employees where he clearly wrote:

“I find my work meaningful and fun. I get to work with the smartest, most talented, most ingenious teammates. When times have been good, you’ve been humble. When times have been tough, you’ve been strong and supportive, and we’ve made each other laugh. It is a joy to work on this team.”

Furthermore, he added:

“As Exec Chair I will stay engaged in important Amazon initiatives but 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.”

Although Andy Jessy will take some time to hold the position of CEO, we all wish Amazon very good luck in its upcoming endeavors.

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