#Jeff Bezos Exits Amazon CEO Position

It is the end of an era at Amazon. Jeff Bezos, the founder of the wildly successful online marketplace, is stepping down as CEO. He will, instead, take on a role as Executive Chair at the company beginning in the third quarter of this year. Bezos will hand the keys over to Andy Jassy, who will become the new Chief Executive Officer of one of the largest companies in the world.

The announcement came as Amazon reported its financial results for the final quarter of 2021. Amazon had a stellar quarter, with net sales increasing 44 percent to $125.6 billion in the fourth quarter, compared with $87.4 billion in the fourth quarter of 2019. But even the impressive financial results were overshadowed by the announcement that Jeff Bezos will be taking a step back. Bezos had this to say about it in a statement.
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“Amazon is what it is because of invention. We do crazy things together and then make them normal. We pioneered customer reviews, 1-Click, personalized recommendations, Prime’s insanely-fast shipping, Just Walk Out shopping, the Climate Pledge, Kindle, Alexa, marketplace, infrastructure cloud computing, Career Choice, and much more. 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.”

Jeff Bezos founded Amazon in 1994. What started, somewhat humbly, as an online book store, has exploded into a multi-headed beast that is worth $1.6 trillion. Bezos, meanwhile, is one of the wealthiest individuals on the planet. Bezos also sent an email to Amazon employees today outlining the decision. Bezos, in the letter, was optimistic about the company’s future.

“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. 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.”

Amazon has become an increasingly large player in the media landscape. Amazon Prime Video is one of the top names in the streaming game, alongside Netflix, Disney+ and HBO Max. Prime Video has spawned critically-acclaimed movies such as Manchester By the Sea and The Big Sick, as well as high-profile original shows like The Boys, The Marvelous Ms. Maisel and Fleabag.

Andy Jassy currently serves as CEO of Amazon Web Services. Jassy has been with the company for a long time, first joining in 1997. He will have some big shoes to fill. You can read Jeff Bezos’ full letter to his employees via the Amazon News Twitter account.

A message from Jeff Bezos to Amazon employees earlier today. https://t.co/W5I99qCJrZ

— Amazon News (@amazonnews) February 2, 2021

Topics: Amazon Prime, Streaming