Jeff Bezos to step down from Amazon CEO role; Andy Jassy named next CEO

In a surprise move, Amazon announced Tuesday that founder and CEO Jeff Bezos will step down as CEO this summer, handing off the retail juggernaut to Andy Jassy.

Bezos, one of the world’s most powerful business figures and also one of its wealthiest, will transition to the role of executive chair.

“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,” Bezos said in a statement. “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.”

Jassy has led Amazon’s Web services business since he joined the company in 1997.

Bezos, who founded Amazon selling books more than a quarter-century ago, helped the company surpass $1 trillion in market cap last year

​In a letter to employees, Bezos said he would focus on new products and early initiatives. He said Jassy has his full confidence.

Bezos had stepped away from the business in recent years but became more involved again during the pandemic.

This story will be updated.

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