Jeff Bezos, CEO of Amazon, will step down later this year and hand over the helm to Andy Jassy, the company’s top cloud manager, the company announced on Tuesday. Bezos will move to become CEO of Amazon.
Bezos founded Amazon in 1994 and has since grown from an online bookstore to a mega online retailer selling and delivering all kinds of products around the world. In January last year, Amazon, led by Bezos, exceeded $ 1 trillion in market capitalization. It’s now worth more than $ 1.6 trillion.
Jassy joined Amazon in 1997 and has led the Amazon Web Services cloud team since its inception. AWS continues to grow much of Amazon’s bottom line.
“I am pleased to announce that I will move to the Executive Chair of the Amazon Board in this third quarter and Andy Jassy will become CEO,” said Bezos in a letter to employees. “In the role of Exec Chair, I want to focus my energy and attention on new products and early initiatives. Andy has been known in the company and has been with Amazon for almost as long as I have. He will be an outstanding leader and he has every confidence.”
Bezos said he will continue to be involved in major Amazon projects, but will also have more time to focus on the Bezos Earth Fund, his spacecraft company Blue Origin, the Washington Post and the Amazon Day 1 Fund.
“As much as I still type tap dancing into the office, I’m excited about this transition,” said Bezos in his internal announcement. “Millions of customers depend on us for our services, and over a million employees depend on us for a living. Being the CEO of Amazon is a deep responsibility and a great cost. If you have that responsibility, it is.” hard to say attention to everything else. “
Fellow Amazonians:
I am excited to announce that I will move to the Executive Chair of the Amazon Board and Andy Jassy will be CEO this third quarter. In the role of Exec Chair, I want to focus my energy and attention on new products and early initiatives. Andy is known in the company and has been on Amazon for almost as long as I have. He will be an excellent leader and he has my full confidence.
This journey began 27 years ago. Amazon was just an idea and had no name. The question I was asked most often at the time was, “What is the Internet?” Fortunately, I haven’t had to explain that for a long time.
Today we employ 1.3 million talented, dedicated people, serve hundreds of millions of customers and businesses, and are widely recognized as one of the most successful companies in the world.
How did this happen? Invention. Invention is the root of our success. We did crazy things together and then did them normally. We were pioneers in customer reviews, 1-click, personalized recommendations, the insanely fast shipping of Prime, Just Walk Out-Shopping, the climate protection promise, Kindle, Alexa, marketplace, infrastructure cloud computing, career choice and much more. If you get it right, the new has become normal a few years after a surprising invention. People yawn. And that yawn is the greatest compliment an inventor can receive.
I don’t know of any other company with a history of invention as good as Amazon, and I think we’re the most inventive right now. I hope you are as proud of our ingenuity as I am. I think you should be
As Amazon got big, we decided to use our size and scope to lead on important social issues. Two effective examples: our minimum wage of USD 15 and the climate protection promise. In both cases we staked out leadership positions and then asked others to come along. It works in both cases. Other large companies are approaching us. I hope you are proud of it too.
I find my work meaningful and fun. I work with the brightest, most talented and ingenious teammates. When times were good, you were humble. During tough times, you have been strong and supportive and we made each other laugh. It is a pleasure to work in this team.
As much as I still dance tap dancing to the office, I’m happy about this transition. Millions of customers depend on us for our services and more than a million employees depend on us for a living. Being the CEO of Amazon is a deep responsibility and costs a lot. When you have such a responsibility, it is difficult to draw attention to anything else. As Executive Chair, I will continue to be involved in major Amazon initiatives, but I also have the time and energy I need to focus on the Day 1 Fund, Bezos Earth Fund, Blue Origin, Washington Post, and my other passions focus. I’ve never had more energy and it’s not about retiring. I am very excited about the impact I believe these organizations can have.
Amazon couldn’t be better positioned for the future. We shoot all cylinders, just like the world needs. We have things in the pipeline that will continue to amaze. Serving individuals and businesses, we have developed two complete industries and a whole new class of devices. We are leaders in areas as diverse as machine learning and logistics. If an Amazonian’s idea calls for another new institutional skill, we are flexible and patient enough to learn it.
Keep inventing and don’t despair if the idea looks crazy at first glance. Remember to hike. Let curiosity be your compass. It remains day 1.
Jeff
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