Amazon announced Tuesday that CEO Jeff Bezos will be stepping down from his top spot and transitioning to the role of executive chair of the company’s board.
Bezos will transition out of his role in the third quarter of 2021, the company said while announcing its quarterly earning report from the end of last year.
Andy Jassy, the current head of Amazon Web Services (AWS), will succeed Bezos as CEO of the e-commerce giant.
In the report, Amazon announced its highest quarterly revenue ever, at $125 billion.
Bezos touted the success at the end of last year in announcing his decision to step down as CEO, calling it the “optimal time for transition.”
“Amazon is what it is because of invention,” Bezos said in a statement.
“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,” he added. “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.”
Since founding Amazon in 1994, Bezos has amassed an estimated net worth of $196.5 billion.
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