New York: Amazon.com founder Jeff Bezos will step down as CEO of the company on Monday, the company’s 27th birthday.
He hands over the baton to Andy Jassy, ââan Amazon veteran who built and operated Amazon Web Services (AWS), the company’s dominant cloud computing business.
Amazon’s market value is now $ 1.7 trillion, trailing Apple (AAPL) and Microsoft (MSFT) among US publicly traded companies.
Bezos, 57, founded Amazon in 1994 and has since turned the former online bookstore into a mega retailer with global reach in a number of different categories from gadgets to groceries to streaming. Amazon, under the leadership of Bezos, passed a market cap of $ 1 trillion in January last year – it’s now worth more than $ 1.6 trillion.
Jassy joined Amazon in 1997 and has led Amazon’s web services cloud team since its inception. AWS continues to make up a large part of Amazon’s bottom line.
Amazon’s CFO Brian Olsavsky said on a media call that the change in management was decided in consultation with Amazon’s board of directors. He said Bezos will continue to be very involved and have his fingerprints in many different parts of the company. Olsavsky said Jassy is a visionary leader who will bring his own skills to the table, but Amazon expects a lot of continuity in the transition.
Bezos said he will continue to be involved in key Amazon projects but will also have more time to focus on the Bezos Earth Fund, his spacecraft company Blue Origin, the Washington Post and the Amazon Day 1 Fund.