Amazon founder Jeff Bezos will step down as CEO of the company on Monday (the company’s 27th birthday). He extended the reins to Andy Jassy. Jassy, a veteran who has worked at Amazon for 24 years, established and operated Amazon Web Services (AWS), which is the company’s leading cloud computing business.
“We chose that date because it was sentimental to me, the day when Amazon came into being in 1994, exactly 27 years ago,” Bezos said at his last shareholder meeting as Amazon’s CEO.
As Wall Street analysts like to say, Jassy faces “difficult comparisons.” Bezos is always difficult to follow, he puts work first. (Assuming all goes well for his space journey later this month, he will continue to serve as CEO and largest shareholder of online retailers.)
During the pandemic, Amazon’s business (stock code: AMZN) flourished. In the first quarter, sales were up 44% year-over-year, the company’s best quarterly growth rate since 2011, and net profit was $ 8.1 billion, the largest quarterly profit in history.
Bezos has not completely left Amazon: he will become the company’s CEO. “I am very happy to be on the chair role, where I will focus my energy and attention on new products and initial plans”, said Bezos.
Facts have shown that Jeff Bezos is an extremely smart and capable leader who has changed the way businesses operate around the world.