In a letter to employees, Amazon CEO Jeff Bezos announced that he will step down from that position in Q3 this year and transition to the role of executive chairman.
Andy Jassy will become the Seattle-based e-commerce giant’s new CEO.
“In the Exec Chair role, I intend to focus my energies and attention on new products and early initiatives,” Bezos wrote. “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.”
Bezos founded Amazon in 1994 and led the company to its current position in the marketplace. In financial results also announced on Feb. 2, the same day Bezos made his announcement, the company announced that net sales for 2020 reached $386.1 billion, while net income rose to $21.3 billion in the fiscal year.
Net sales for the final quarter of the year increased 44%, reaching $125.6 billion, and operating income for the period was up more than 77%, from $3.9 billion in the 2019 quarter to $6.9 billion in the 2020 period.
The Seattle-based company also got into the home furnishings game in recent years, launching proprietary brands Rivet, Stone & Beam and Ravenna Home.
“Amazon couldn’t be better positioned for the future,” Bezos wrote. “We are firing on all cylinders, just as the world needs us to. We have things in the pipeline that will continue to astonish. We serve individuals and enterprises, and we’ve pioneered two complete industries and a whole new class of devices. We are leaders in areas as varied as machine learning and logistics, and if an Amazonian’s idea requires yet another new institutional skill, we’re flexible enough and patient enough to learn it.”
Read the full letter here.
Thomas Lester is Digital/Managing Editor for Home Accents Today. A graduate of Emory & Henry College’s Mass Communications program, Lester spent a dozen years working for newspapers in Virginia and North Carolina covering an array of subjects, ranging from community news, government, education, ACC sports, professional baseball and more before joining Home Accents Today in 2013. Reach out to me with your story ideas, tips and more at [email protected].