Amazon.com founder Jeff Bezos will step down as CEO of the e-commerce giant. The 57-year-old has held the position for 30 years and will be appointed Executive Chairman and CEO will be replaced by Andy Jassy starting the third quarter of this year.
The change of position is expected in the second half of 2021.
The announcement ended the question of who would replace the second richest individual in the world as a company leader.
According to Bezos, he will focus on new products and initiatives and other projects including The Washington Post and Blue Origin space exploration.
The Harvard University graduate began joining the company in 1997 after Amazon started in 1995 as an online shopping platform.
Amazon is now expanding into a variety of businesses including e-readers, video content and cloud computing.
In the fourth quarter, Amazon’s net sales and profits rose 44 percent to more than US $ 100 billion in a row following more people shopping online due to Covid-19.
Source: Reuters