End of an era as Jeff Bezos steps down from running Amazon
Amazon Founder and CEO, Jeff Bezos, will transition to the role of Executive Chair in the e-commerce giant’s Q3 this year.
Amazon Web Services Chief Andy Jassy will become CEO at that time.
Bezos goes out on a high note, with Amazon reporting record revenues for its core Christmas quarter, topping $100 billion for the first time as the coronavirus pandemic powered a surge in online shopping.
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This represented a 43% rise on the same period in 2019.
The cost of meeting coronavirus safety requirements did, however, limit net profits to $21.3 billion, up from $11 billion in 2019.
Bezos, who will now oncentrate on his other passions, including the fight against climate change, says: “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.”
He adds: “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.”
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