New Delhi | Jagran News Desk: World's richest man and the founder of Amazon, Jeff Bezos, has announced that he will be leaving the position of Chief Executive Officer (CEO) of his company, later this year, which he started in 1994 and built it into one of the world's most valuable companies. Bezos will transition to the role of executive chair in the third quarter of the FY2021-22 and will hand over the CEO role to Amazon Web Services head, Andy Jassy.

The news came as Amazon registered massive profits of over USD 7.2 billion, during the holiday quarter and revenue jumping 44 per cent to $125.6 billion. The massive blowout came as the pandemic lockdowns caused a huge surge in online sales across the globe.

Informing about the same, Jeff Bezos, in a letter to his Amazon employees said that he would stay engaged in important Amazon initiatives but would pivot towards philanthropic initiatives, including his Day One Fund and Bezos Earth Fund, and other business ventures in space exploration and journalism.

"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", Jeff Bezos wrote.

Bezos also haled his successor Andy Jassy and said that he will be an outstanding leader. "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. Right now I see Amazon at its most inventive ever, making it an optimal time for this transition," he said.

Jassy joined Amazon as a marketing manager in 1997 and in 2003 founded AWS, the cloud services division of the company which has been one of the most profitable but least-known units of the tech giant.

Bezos, 57, founded Amazon in his garage in 1994 and went on to grow it into a colossus that dominates online retail, with operations in streaming music and television, groceries, cloud computing, robotics, artificial intelligence and more. His other businesses include The Washington Post newspaper and the private space firm Blue Origin.

Amazon's market value was some $1.69 trillion as of Tuesday, a tenfold increase from a decade ago, making it one of the world's most valuable. The company employs more than one million people worldwide including 800,000 in the United States. 

Posted By: Talibuddin Khan