Amazon CEO Jeff Bezos will step down as the chief executive of the company -- which he founded almost 27 years ago, the company announced on Tuesday (local time).
According to The New York Times, Bezos will transition to the role of executive chairman in the third quarter of 2021. Andy Jassy, CEO of Amazon Web Services would take over as CEO of Amazon.
The announcement came as Amazon released its financial results for its fourth quarter that ended December 31, 2020. The company recorded USD 100bn in sales for last three months of 2020.
"Amazon is what it is because of invention," Bezos, 57, said in a statement released by the company.
"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. 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".
Bezos had stepped back from much of the day-to-day business over several years, though the pandemic pulled him back in last spring.
"Right now I see Amazon at its most inventive ever, making it an optimal time for this transition," Bezos said in a statement.
Bezos, who founded Amazon in 1994 had stepped back from much of the day-to-day business over several years, though the pandemic pulled him back in last spring.
( With inputs from ANI )
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