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Tue Feb 2 2021 16:39:43

Jeff Bezos to Step Down as CEO of Amazon

By: Ina Steiner

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In a bombshell announcement, Amazon said its founder Jeff Bezos will step down as CEO and will transition to the role of Executive Chair in the third quarter (sometime after July 1st).

The news was included in the company's 4th-quarter earnings release today, which quotes Bezos:

"Amazon is what it is because of invention. We do crazy things together and then make them normal. We pioneered customer reviews, 1-Click, personalized recommendations, Prime's insanely-fast shipping, Just Walk Out shopping, the Climate Pledge, Kindle, Alexa, marketplace, infrastructure cloud computing, Career Choice, and much more.

"If you do it right, a few years after a surprising invention, the new thing has become normal. People yawn. That yawn is the greatest compliment an inventor can receive. When you look at our financial results, what you're actually seeing are the long-run cumulative results of invention. Right now I see Amazon at its most inventive ever, making it an optimal time for this transition."

In August (2020), Amazon had announced that Jeff Wilke, who was considered a likely successor to Bezos, would retire early this year.

Instead, the company announced today that Andy Jassy, CEO of Amazon Web Services (AWS), would replace Bezos.

Amazon will host an earnings call with analysts this afternoon, it's uncertain if more information about the executive transition will be forthcoming.

Here's a link to an email Bezos sent employees today.

He said, "In the Exec Chair role, I intend to focus my energies and attention on new products and early initiatives."

And, Bezos said, "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. 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."

Comments (10) | Permalink

Readers Comments

Jeff Bezos to Step Down as CEO of Amazon

by: ShortSeller

Tue Feb 2 19:16:01 2021

I suppose he'll be off to find ways to offset all the climate damage caused by Amazon's wonderful selection of junk products ending up in landfills, and the enormous carboon footprint of their delivery service. Or not.

Jeff Bezos to Step Down as CEO of Amazon

by: COVID-19

Tue Feb 2 21:45:02 2021

"We pioneered customer reviews". Seriously, bruh?

Jeff Bezos to Step Down as CEO of Amazon

by: Carl

Wed Feb 3 16:41:06 2021

He will step down with a hefty package...slightly damaged and delivered 3 doors down.

Jeff Bezos to Step Down as CEO of Amazon

by: Chicago48

Thu Feb 4 04:29:27 2021

Everybody's speculating about why Bezos is stepping down. Could be that he's simply tired of being head of AMZ and wants to move to space-type stuff. That's probably more challenging. I mean -- how much more can he accomplish with AMZ except acquire more companies?

Jeff Bezos to Step Down as CEO of Amazon

by: lisapar

Thu Feb 4 11:12:29 2021

Could he be seeing the writing on the wall? Demonopolization of AMZ.

Jeff Bezos to Step Down as CEO of Amazon

by: Vox29

Thu Feb 4 14:55:08 2021

No doubt he grew tired of seeing all the complaints in his inbox, from large sellers and small. He'll hand off his company to managers who will be the first to go when the antitrust suits levied against the company succeed in breaking it up.

Jeff Bezos to Step Down as CEO of Amazon

by: DeathFromAbove

Thu Feb 4 15:57:41 2021

First step in avoiding legal action for the complete ruin of our consumer trade economy where no one can compete. My town isn't the only one with 80% of the store space completely vacant going on over 10 years now. Probably planning a move somewhere without a US extradition agreement. I don't really want to work for Amazon do you? Stop buying shit from them - the biggest loophole cheaters in american business history.

Jeff Bezos to Step Down as CEO of Amazon

by: Nova Rae

Tue Feb 9 01:08:00 2021

I wonder if he's stepping down in the hopes that he won't be held responsible for any fallout when the DOJ gets their hands on them? "If you do it right..." Who said he did anything right? He did? The crook? I guess his "achievements" are basically the instruction manual for how to rip people off.

Sure, let's buy one of the most popular newspapers in the world so we can control the story, in the hopes that everyone will remain in the dark about what crooks we really are. The fact that they portrayed themselves as some sort of hero during the pandemic really gets my goat when they're blocking all the little guys and putting their own products at the forefront to compete with their own customers (sellers). The big guys basically controlled who would profit from the pandemic -- THEM!

Jeff Bezos to Step Down as CEO of Amazon

by: Nova Rae

Tue Feb 9 01:09:20 2021

The fact that any marketplace would be allowed to compete against their own customers is a BOLD-FACED CRIME! Their crime for doing it and our government's crime for allowing it.

Jeff Bezos to Step Down as CEO of Amazon

by: Nova Rae

Tue Feb 9 01:12:10 2021

Seriously, do you really think a landlord of a store in a mall would be allowed to get away with any of that? The law would be jumping down their throats. So, where are they in these cases?

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