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Jeff Bezos to Step Down as CEO of Amazon in The Third Quarter

On Tuesday, 2nd February, Amazon.com Inc said, the founder Jeff Bezos would handover his post as a CEO (Chief Executive Officer. He will then occupy the position of an executive chairman. As the company reported its third consecutive record profit and quarterly sales above $100 billion for the first time. 

Their net sales peaked at $125.56 billion as consumers religiously turned towards the largest online retailer for holiday shopping. 

On a note to his employees posted on Amazon’s website, Bezos said, “As an Executive Chairman, I Will stay engaged in important Amazon initiatives. And also have the time and energy I need to focus on the Day 1 Fund, the Bezos Earth fun, Blue Origin, The Washington Post, and my other passions.”

He added, “I’ve never had more energy, and this isn’t about retiring.”

The current cloud computing chief Andy Jassy will be Amazon’s next CEO. Jassy joined the Amazon group in 1997, having secured an MBA from Harvard Business school, according to the company’s website. He founded Amazon Web Services and built a cloud platform that could be used by millions of people. 

Tom Johnson, Chief Transformation Officer at Mindshare Worldwide said, ”Jassy’s background in steering AWS shows just how the top of the mind those services are to Amazon’s business strategy. It’ll be interesting to see how that affects their strategy. Thus balancing that priority with a growing ad business and the commerce behemoth.”

Since the initial phase of the coronavirus outbreak; consumers have turned to Amazon for delivery of home staples and medical supplies. While brick and mortar stores shut their doors, Amazon recruited over 40,000 more workers and posted consecutive record profits.  

Ref Source: https://timesofindia.indiatimes.com/business/international-business/jeff-bezos-to-step-down-from-ceo-of-amazon-in-third-quarter/articleshow/80659729.cms



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