On Tuesday, Amazon announced that Jeff Bezos is going to be stepping down as CEO and transitioning into the role of executive chair on the company’s board.
The transition is expected to take place during the third quarter of 2021, and Andy Jassy, current head of Amazon Web Services, will be taking his place as CEO.
Bezos touted the success at the end of last year in announcing his decision to step down as CEO, calling it the “optimal time for transition.”
“Amazon is what it is because of invention,” Bezos said.
“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,” he continued. “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.”
Since founding Amazon in 1994, Bezos has amassed an estimated net worth of $196.5 billion.
While other companies in various industries have taken a hit amid the pandemic, Amazon has continued to report massive earnings. Even more shoppers have flocked to the online marketplace as coronavirus restrictions have curbed in-person shopping access.
Amazon attributed some of its success from the end of last year to a “record-breaking holiday season.”
Amazon reported a 44 percent increase in net sales, reaching the company’s record $125.6 billion in the fourth quarter of last year. For comparison, in the same time period in 2019 the company had reported $87.4 billion in net sales.
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