Jeff Bezos to Step Down as Amazon CEO

Written By Staff Editor

Jeff Bezos and Amazon announced on Tuesday that Bezos would be stepping down from his position as Chief Executive Officer of Amazon.

Amazon stated that Bezos would, “transition to the role of Executive Chair in the third quarter of 2021 and Andy Jassy will become Chief Executive Officer at that time.”

Bezos released the following statement:

Amazon is what it is because of invention. We do crazy things together and then make them normal….If you do it right, a few years after a surprising invention, the new thing has become normal. People yawn. That yawn is the greatest compliment an inventor can receive. When you look at our financial results, what you’re actually seeing are the long-run cumulative results of invention. Right now I see Amazon at its most inventive ever, making it an optimal time for this transition.

Bezos founded Amazon in 1994 with the purpose of selling books online and the company went public in 1997. The announcement was released along with the company’s release of their fourth quarter results.

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