Jeff Bezos has announced his intention to step down as Amazon CEO. This news is quite shocking as the second richest man in the world’s Amazon empire hit an all time high level in 2020. Apparently this was enough to convince the founder that all is well and now would be a good time to put someone else in charge.

Andy Jassy will be taking over as Amazon CEO. The former Amazon Web services (AWS) head has shown his business prowess since joining the company in 1997. Andy Jassy helped build Amazon’s cloud computing empire into one of the best platforms in the industry.

Bezos is very much proud of what Amazon has accomplished thus far as he states, “When you look at our financial results, what you’re actually seeing are the long-run cumulative results of invention,” Bezos said in Tuesday’s announcement. “Right now I see Amazon at its most inventive ever, making it an optimal time for this transition.”

While taking a more reclusive role as the executive chairman of the company when Jassy becomes CEO, Bezos will still be involved in high level strategic planning and operations.

Bezos has stated that after stepping down as CEO he will have the time and energy I need to focus on the Day 1 Fund, the Bezos Earth Fund, Blue Origin, The Washington Post, and his other passions.

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