Amazon’s Founder and CEO Jeff Bezos, in an internal letter to the company employees, recently announced that he would be stepping down from his role as the Chief Executive Officer of the company in the second half of this year. This news came as a shock to the investors and the employees. However, he will resume as the executive chairman of the firm. According to him, this change of responsibilities will give him time and energy to focus on other things in life including new ventures.
As Bezos steps down, the company will be taken over by Andy Jassy, who currently leads Amazon’s cloud computing business.
Talking about this change of hierarchy, Bezos said,
Being the CEO of Amazon is a deep responsibility, and it’s consuming. When you have a responsibility like that, it’s hard to put attention on anything else. 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.
He will not be leaving the company, rather will be refocusing his energy and attention, as he puts it. Amazon’s financial officer Brian Olsavsky said,
Jeff is not leaving; he is getting a new job. The board is super active and important in Amazon’s success story.
The announcement did affect the company’s share prices a little, but it is not something Amazon cannot recover from in a day or two.