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World|business|February 3, 2021 / 10:04 AM
Jeff Bezos is stepping down as Amazon CEO

AKIPRESS.COM - Amazon founder Jeff Bezos will step down from his role as chief executive later this year and transition to the role of executive chair, the company said Tuesday. He will be replaced by Andy Jassy.

Bezos has been Amazon's CEO since its founding in 1995. He oversaw its growth from an online bookseller into a $1.7 trillion global retail and logistics behemoth, which has also made Bezos into one of the world's richest people. Jassy has worked for Amazon since 1997 and currently serves as CEO of the company's cloud business, Amazon Web Services, its biggest profit driver, CNN reports.

"This journey began some 27 years ago. Amazon was only an idea, and it had no name," Bezos wrote letter to employees Tuesday. "The question I was asked most frequently at that time was, 'What's the internet?' ... Today, we employ 1.3 million talented, dedicated people, serve hundreds of millions of customers and businesses, and are widely recognized as one of the most successful companies in the world."

The news came as part of Amazon's fourth-quarter earnings report. The company handily beat Wall Street analysts' projections for both sales and profit, capping a banner year as the pandemic boosted its retail and cloud businesses.

The company's shares were essentially flat shortly after the market closed Tuesday, but gained almost 1% two hours after the closing bell. Amazon's stock has grown nearly 69% over the past year.

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