Jeff Bezos is Stepping Down As CEO of Amazon

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On Tuesday, Amazon announced that founder and CEO Jeff Bezos would be stepping down from his role in Q3 of 2021.

Bezos will assume a different role at Amazon as executive chairman of the board. His successor is Andy Jassy, the current CEO of Amazon Web Services (AWS). Jassy has been with Amazon for almost 24 years.

“In the Exec Chair role, I intend to focus my energies and attention on new products and early initiatives. Andy is well known inside the company and has been at Amazon almost as long as I have,” Bezos said in a letter to employees. “He will be an outstanding leader, and he has my full confidence.”

“Being the CEO of Amazon is a deep responsibility, and it’s consuming. When you have a responsibility like that, it’s hard to put attention on anything else,” he added. “As Exec Chair I will stay engaged in important Amazon initiatives but also have the time and energy I need to focus on the Day 1 Fund, the Bezos Earth Fund, Blue Origin, The Washington Post, and my other passions.”

Charlie O’Shea, lead retail analyst at Moody’s Investors Services, believes the transition from Bezos to Jassy will be an “absolutely seamless transition.”

“One of the things we’ve learned about Amazon is, there’s an incredibly deep bench there. They’ve turned over CFOs without missing a beat,” O’Shea told Yahoo Finance Live. “It’s not like Jeff Bezos is going to go sailing off into the sunset here. He’s going to be still very much involved in the overall strategy of the company, he’s the largest shareholder. There’s a whole lot of things that will keep him wedded to this company.”

“Andy has done a terrific job of AWS, I mean the numbers bear that out,” O’Shea added. “AWS continues to be the profit engine of the company and supports the retail business as a continuing investment.”

Amazon stock has soared during Bezos' tenure as chief executive. Amazon shares fell slightly on Wednesday following the news.

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