Amazon founder Jeff Bezos will step down as CEO and become executive chairman, naming the head of its lucrative cloud computing division as successor in a sign of the company's transformation from web retailer to internet conglomerate.
This summer, Bezos, 57, will hand the keys of the world's largest online retailer to Andy Jassy, head of its cloud division Amazon Web Services known as AWS.
Bezos is ending his role as CEO on a high note: the business he began as an internet bookseller 27 years ago is now one of the world's most valuable companies and posted three consecutive record profits after losses in decades prior. On Tuesday, Amazon reported quarterly sales above $100 billion (£73.25bn) for the first time.
Jassy, 53, joined Amazon in 1997 after Harvard Business School, founding AWS and growing it to a cloud platform used by millions of customers, the company's website said. He had been a clear contender for the top job since Amazon created two CEO roles reporting to Bezos years ago, the other held by recently retired consumer CEO Jeff Wilke.
Bezos, who already has focused on other personal enterprises in years past, said in a note to employees posted on Amazon's website, "As Exec Chair I will stay engaged in important Amazon initiatives but also 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." Blue Origin is Bezos' space company.
He added, "I’ve never had more energy, and this isn’t about retiring."
Chief Financial Officer Brian Olsavsky said on a call with analysts that Bezos would work on "large one-way door issues," such as acquisitions and other strategies where there is a high cost to reversing course.
Amazon's net sales rose to $125.6 billion as consumers turned to the world's largest online retailer for their holiday shopping.
