Jeff Bezos steps aside as Amazon boss but isn’t really going anywhere for business news
Amazon founder Jeff Bezos has pledged to focus on “new products and early initiatives” after announcing that he will step down as managing director later this year.
Mr. Bezos should hand over the role to Andy Jassy in the summer, but will remain as Executive Chair he founded the company almost three decades ago.
In a letter to employees, he said the company had “shot at all the cylinders the world needs” as sales rose 43% to $ 125.6 billion (£ 92 billion) for the December holiday quarter ) was reported.
Mr Bezos said his resignation as managing director would give him more time to focus on side projects like the space exploration company Blue Origin, which he is fighting Climate changeand oversees the Washington Post, the newspaper he owns.
But he stays Amazonis the largest shareholder and is likely to continue to have a major impact on the direction of the company.
CFO Brian Olsavsky told reporters, “Jeff isn’t really going anywhere. It’s more of a restructuring of who does what.”
Amazon has thrived during the Coronavirus The physical retail shutdown pandemic accelerated online consumer demand.
In recent years, it has also been bolstered by the growing cloud data storage business and has also specialized in sports and entertainment streaming.
Amazon’s revenue rose 38% to $ 386 billion (£ 283 billion) in all of 2020, and profits rose 84% to $ 21.3 billion (£ 15.4 billion).
Mr Bezos’ stellar success since founding Amazon as an online bookseller in 1995 resulted in him being catapulted to the status of the richest man in the world last year before he was obsolete from Tesla Elon Musk.
He told investors Tuesday, “If you get it right, the new has become normal a few years after a surprising invention.
“People yawn. That yawn is the greatest compliment an inventor can get. If you look at our financial results, you are actually seeing the long-term cumulative results of the invention.
“Right now, I see Amazon in its most inventive form, which makes it an optimal time for this transition.”
Mr Bezos said new products would be among the areas he would prioritize in his new role with the company.
Russ Mold, Investment Director at AJ Bell, said, “The fact that he is stepping down as Chief Executive of Amazon does not mean he is going away. Far from being Executive Chairman.”
“The chairman’s job is to keep the chief executive in order so Bezos can remain involved in the business and provide guidance on a number of strategic issues.
“He’s also a major shareholder that gives him significant influence over the management.”