World’s richest man Jeff Bezos to step down as Amazon boss

jeff bezos

The world’s richest man, Jeff Bezos, is to step down as CEO of the Amazon retailing empire he founded in 1996.

Amazon confirmed that Andy Jassy, who heads up Amazon’s cloud computing business, will succeed Bezos as CEO.

The announcement was made as the US online retailer announced its full year results. 

Jeff Bezos

Bezos will transition to the role of Executive Chair in the third quarter of 2021 and Andy Jassy will become Chief Executive Officer at that time, the retailer said.

“Amazon is what it is because of invention”, Bezos said. “We do crazy things together and then make them normal. 

“We pioneered customer reviews, 1-Click, personalised recommendations, Prime’s insanely-fast shipping, Just Walk Out shopping, the Climate Pledge, Kindle, Alexa, marketplace, infrastructure cloud computing, Career Choice, and much more.” 

“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.”

In its results today, Amazon reported a massive 38% surge in sales to $386bn (£283bn). Profits almost doubled to $21.3bn.

Amazon’s shares were trading 1% higher following the news at an eye watering $3,380 a piece.