Jeff Bezos, 57 and founder of Amazon will step down from the chief executive role in Q3, 2021. Consequently, he will be taking up the mantle of the executive chair while Andy Jassy, the current chief of AWS, will be the new Amazon CEO.
In an email to Amazon employees, Bezos said, “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.”
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He further states that he doesn’t plan to retire anytime soon and that he is ever more energetic and passionate about what Amazon can achieve.
“Amazon couldn’t be better positioned for the future. We are firing on all cylinders, just as the world needs us to. We have things in the pipeline that will continue to astonish. We serve individuals and enterprises, and we’ve pioneered two complete industries and a whole new class of devices. We are leaders in areas as varied as machine learning and logistics, and if an Amazonian’s idea requires yet another new institutional skill, we’re flexible enough and patient enough to learn it,” he enunciates.
As you see, he puts a great emphasis on skill development, invention, and entrepreneurial mindset. He ends the note by saying, “Keep inventing, and don’t despair when at first the idea looks crazy. Remember to wander. Let curiosity be your compass. It remains Day 1.”
The news came as Amazon’s profits have doubled to $7.2 billion and revenue leapfrogged 44% to $125.6 billion. The tech giant stands at a market value of $1.69 trillion, which is a 10x rise from its value 10 years ago. At $196 billion, he is the world’s richest person, a title he has reclaimed from Musk.