Jeff Bezos, CEO of Amazon, announced Tuesday that he will step down from his position at mega retail and cloud computing in the third quarter of 2021.
“In the Exec Chair role, I intend to focus my energies and attention on new products and early initiatives,” Jeff Bezos said in an email to employees.
“Andy is well known inside the company and has been at Amazon almost as long as I have. He will be an outstanding leader, and he has my full confidence.”
Jeff Bezos founded Amazon in 1994, transforming it from an online book retailer into its current expanding business.
At this time, it spans all corners of retail, and has transformed the company into a leader in cloud computing.
Amazon Web Services now provides everything from video games to sports and personal devices for a workout at home.
Jeff Bezos said that moving to his new role as chief executive officer of Amazon will allow him to, “have the time and energy I need to focus on the Day 1 Fund, the Bezos Earth Fund, Blue Origin, The Washington Post, and my other passions.“
“I’ve never had more energy, and this isn’t about retiring. I’m super passionate about
the impact I think these organizations can have,” he said.
Amazon released a record year of growth last week, and while Bezos’ announcement appears to have prompted investors to exit quickly, However, the company’s stock recovered quickly in after-hours trading, approaching its daily high.