Big News From Amazon Tuesday. Jeff Bezos Will Step Down As CEO, And The Company Reports Their First $100 Billion Quarter!

FILE - In this June 6, 2019, file photo Amazon CEO Jeff Bezos speaks at the the Amazon re:MARS convention in Las Vegas. Washington state's richest residents, including Bezos and Bill Gates, would pay a wealth tax on certain financial assets worth more than $1 billion under a proposed bill whose sponsor says she is seeking a fair and equitable tax code. Under the bill, starting Jan. 1, 2022, for taxes due in 2023, a 1% tax would be levied on "extraordinary" assets ranging from cash, publicly traded options, futures contracts, and stocks and bonds. (AP Photo/John Locher, File)

No man, outside of possibly Steve Jobs has been as synonymous with a company or brand as a CEO then Jeff Bezos.  He founded the company in 1994, and has run it ever since, leading it an incredible valuation of $1.6 trillion during his watch, but his reign as one of the most successful CEO’s of all time will be ending soon.

Bezos announced Tuesday that he is stepping down from his CEO role later this year. So, who has the biggest shoes to fill in the history of business? That would be Amazon’s top cloud executive Andy Jassy. He takes over the big chair in the C-suite, and Bezos will then transition to the role of executive chairman of Amazon’s board.

Amazon shares went up 1% Tuesday on this news, and Amazon’s earnings report which came out.  The stock overall is up almost 70% in the past 12 months.

“I’m excited to announce that this Q3 I’ll transition to Executive Chair of the Amazon Board and Andy Jassy will become CEO,” Bezos said in a letter to employees. “In the Exec Chair role, I intend to focus my energies and attention on new products and early initiatives. 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.”

Amazon just posted their first $100 billion quarter.

Jassy is a proven star at Amazon.  52% of the company’s operating earnings came from his division in 2020. 

Good luck!

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