Ahead of its Q4 results, Amazon CEO and Founder Jeff Bezos announced he will move to a new role of Executive Chair in the third quarter of 2021. Andrew Jassy, who has led Amazon Web Services since 2006, will step up as the new CEO of Amazon. Jassy started his Amazon career in 1997 after attending Harvard Business School and worked as Bezos’ first technical adviser, during which worked with all senior executives and provided counsel on many key company issues. He has overseen AWS since its inception and became AWS CEO, when the retail unit was placed under Jeff Wilke who was a longtime retail and logistics executive.

With the announcement of Wilke’s retirement in 2020, Jassy became the obvious successor for Bezos. However, his decision to step down came as a surprise, as nothing had been trailed in advance. Bezos will continue to participate in the Amazon business, while also devoting himself to his many side projects, such as the Day 1 Fund, the Bezos Earth Fund, Blue Origin and The Washington Post. Bezos stated he would continue to focus on new products and 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."

Source: Amazon