Amazon CEO Jeff Bezos Steps Down (Update)

Serving as Board Chair... Surprising Performance Last Year Amid COVID-19 Benefits

[Image source=Yonhap News]

[Asia Economy Reporter Yujin Cho] Jeff Bezos, the founder and CEO of Amazon, is reported by the Wall Street Journal (WSJ) and others on the 2nd (local time) to be stepping down from his CEO position in the third quarter of this year.

Bezos announced that at the event revealing the fourth quarter results, he will continue to serve as Chairman of the Board while retaining the Chairman position starting from the third quarter.

Bezos's successor will be Andy Jassy, CEO of Amazon Web Services (AWS), the cloud computing service division. Jassy joined Amazon in 1997 and has led the AWS team. AWS is the core business generating more than half of Amazon's revenue (52% as of the fourth quarter).

Bezos said, "Since Amazon is currently showing its most creative and innovative side, I believe now is the optimal time for a CEO transition," and added, "Andy Jassy has been with Amazon for a long time, and I believe he will be an excellent leader."

In an earlier email to employees, he stated that he will continue to participate in company management as Chairman of the Board but will focus more energy on new ventures such as the Bezos Earth Fund, Blue Origin, and The Washington Post.

Bezos founded Amazon in 1994 as an online bookstore and transformed it into a major e-commerce company. During his 27 years of leadership, Amazon's market capitalization surpassed $1 trillion for the first time in January last year and reached $1.696 trillion as of the previous day's close.

Despite the impact of COVID-19, Amazon achieved remarkable growth last year, benefiting from the expansion of the non-face-to-face market. The company recorded $100 billion in sales for the first time ever in the fourth quarter announced that day. Revenue and operating profit increased by 44% and 77% year-on-year, reaching $125.6 billion (approximately 140 trillion won) and $6.9 billion, respectively. Last year's annual revenue was $386.1 billion, and operating profit was $22.9 billion.

This content was produced with the assistance of AI translation services.