Jeff Bezos, CEO and Founder of the eCommerce giant "Amazon.com, Inc.," has recently announced to resign from the CEO position.
Andy Jassy, a US-based entrepreneur and the current CEO of Amazon Web Services, will succeed Bezos as the company's new CEO during the third quarter of 2021.
Jeff will move to the position of Executive Chairman on Amazon's panel. This retirement will help Bezos to give more time and energy to early initiatives and new products. Furthermore, it will release him to concentrate on his other interests, such as his space business "Blue Origin," Bezos Earth Fund, The Washington Post, and the Amazon Day 1 Fund.
Headquartered in Seattle of Washington, Amazon comes under the list of America's top five corporations in the information technology sector. Besides the eCommerce platform, Amazon also serves in cloud computing, digital streaming, and artificial intelligence throughout the world. Amazon lists on the NASDAQ stock market with a market capitalization of $1.664 trillion.
Recently, the firm also reported its biggest quarter at $125.56 billion in sales on Q4, 2020. The Amazon Web Service segment also has recorded revenue growth of 28% under Jassy's rule. On 2nd February 2021, Amazon's shares increased by around 1% in extended trading. So far, in 2021, the firm's stock has risen about 4% and is up almost 70% during the last year.
At present, Amazon employs over 1.3 million employees and serves millions of customers. The Chief financial officer of Amazon, Brian Olsavsky, said that the decision of swapping the executives was made in deliberation with the board of directors. He expects that Jassy will bring many new transitions to Amazon through his innovative and visionary skills.
Andy Jassy, a 53-year Amazon veteran who was the first Bezos technical assistant in making the excellent cloud computing platform, was also his first shadow counselor. This position includes joining every conference with the CEO. Jassy has been one of the most prominent and significant personalities at Amazon since joining the firm in 1997, developing the killing AWS software.
According to some reports, Amazon aims to open about 3000 new Amazon Go cashierless stores or more in the upcoming years.