Amazon on Tuesday announced that Jeff Bezos will be stepping down as the CEO. The transition is slated to happen in the third quarter, with Andy Jassy as the new chief executive officer.
Bezos broke the news to Amazon employees in an email stating that from quarter three, he will take on the role of executive chairman and focus more on other initiatives. “As Exec Chair I will stay engaged in important Amazon initiatives but also have the time and energy I need to focus on the Day 1 Fund, the Bezos Earth Fund, Blue Origin, The Washington Post, and my other passions”, he said in the email.
The 57-year-old has led Amazon since it popped up as an online bookshop in 1994. According to Forbes’ list of billionaires, he’s amassed a fortune of $196.2bn.
Bezos plans for his position at Amazon include focusing more on the product and initiatives taken up by the company. “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.”
While Bezos’ plan to hand over day-to-day operations of the company came as a surprise, Amazon’s investors remain unfrazzled. And, there’s been little change in the firm’s share price in the after-hours trade.