Amazon’s founding founder, Jeff Bezos, will be the head of the e-commerce empire he founded almost 30 years ago in his garage.
He would be executive chairman, a move that he said “time and energy” would give him to concentrate on other undertakings.
Mr Bezos, the richest person in the world, will replace Andy Jassy, who heads the cloud computer company of Amazon at the moment.
In the second half of 2021, the company said, the transition will occur.
Mr Bezos wrote in a letter to Amazon’s staff on Tuesday: “Being the CEO of Amazon is a heavy and consuming responsibility. If you have a responsibility like this it’s hard to place your mind on something else.
‘As Chair of Exec, I am committed to big amazon projects but also to the Day 1 Fund, Bezo Earth Fund, Blue Origin and Washington Post, along with my other passions.’
“I’ve never had more energy, and this isn’t about retiring. I’m super passionate about the impact I think these organizations can have,” he said.
Greater profile for the public
Since it started as an online retailer in 1994, Mr. Bezos, 57, has led Amazon. The company currently employs 1,3 million people worldwide and is involved in everything from the supply of packages, video streaming, cloud services and publicity. According to Forbes’ list of billionaires, he earned a fortune of $196.2bn.
The pandemic sparked a spike in online sales and its exponential growth skyrocketed last year.
In 2020, the company recorded revenue of $386 billion (£283 billion), up 38% from 2019. Nearly doubled earnings, up to 21.3 billion dollars.
Mr Bezos announced that he would continue to concentrate on new products and early initiatives.
“When you look at our financial results, what you’re actually seeing are the long-run cumulative results of invention,” he said. “Right now I see Amazon at its most inventive ever, making it an optimal time for this transition.”
The upheaval comes when Mr Bezos has become ever more public.
He has suffered a public divorce and has become a target for employees and unjust activists and has lent his fortune to other firms, such as the Blue Origin Space Explorer and the Washington Post.
The regulators, who challenged its monopoly control, are now increasingly scrutinizing Amazon. Other technology companies, such as Microsoft and Alphabet, Google’s parent company and YouTube, are gradually bringing it into question in cloud computing.
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It was a surprise that Mr Bezos wanted to hand out the day-to-day running of the organization. Yet investors seemed unfazed, and the share price of the company in trade after-hours changed nothing.
Brian Olsavsky, Chief Financial Officer of Amazon in a call to investors to review financial results for Amazon says: ‘Jeff doesn’t go anywhere, he is getting a new job.
Mr Jassy, a graduate from Harvard, has been with Amazon since 1997 and has helped grow Amazon Web Services, the company’s profit motor for many years.
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