Amazon founder Jeff Bezos is stepping down as CEO of the $1.69 trillion technology company. In a letter to employees on Tuesday, Bezos said he would transition to the role of executive chair of the Amazon board by the third quarter of 2021, 27 years after he set up the Seattle headquartered company.
Andy Jassy, CEO of Amazon web Services (AWS), will replace Bezos. Jassy, who joined Amazon in 1997, worked as technical assistant to Bezos before aiding with the launch of the cloud computing business in 2006.
The development comes on the heels of the company’s announcement of its fourth quarter results for the financial year 2019-2020.
The company’s revenues for the reported quarter surged 44% year-on-year to $125.6 billion. Its net income grew to $7.2 billion in Q4 FY20 from $3.3 billion in the corresponding quarter a year ago.
“I need to focus on the Day 1 Fund, the Bezos Earth Fund, Blue Origin, The Washington Post, and my other passions. I’ve never had more energy, and this isn’t about retiring. I’m super passionate about the impact I think these organizations can have,” Bezos said in his letter.
The Day 1 Fund is a non-profit that aims to launch and operate high quality and full scholarship Montessori-inspired preschools for underserved communities, while Blue Origin aims to use reusable launch vehicles for sub-orbital spaceflight services. The Bezos Earth Fund, launched in 2020, focuses on investing in scientists, activists and organisations focused on climate change.
Google CEO Sundar Pichai tweeted his congratulations.
Closer home, Amazon is currently engaged in a legal battle with Future Retail. The Delhi High Court on Tuesday blocked the proposed $3.38 billion deal of Future Retail Limited by Reliance Retail. Amazon which is a minority shareholder in Future Coupons through its investment made in August 2019 has approached Singapore International Arbitration Centre asking for redressal.