Jeff Bezos will be stepping down as CEO of Amazon later this year, it was announced on Tuesday (February 2).
Bezos, 57, will remain only in his role as Executive Chair of the Amazon Board, he explained in a letter to employees of the e-commerce giant.
"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," he said.
It was also announced that Andy Jassy, the head of Amazon's cloud computing business, Amazon Web Services, would be replacing Bezos as CEO.
Bezos, the richest man in the world, said in the letter: "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."
Bezos, who founded the firm in 1994, has been leading it since its launch as an online bookshop.
As a result of its phenomenal success over the decades, he currently has a net worth of $196.2 billion, as per Forbes.
What's more, Amazon is one of the few companies that has seen its sales go through the roof amid the ongoing Covid-19 pandemic.
In 2020, it reported $386 billion in sales, which is a 38% increase from 2019. Profits nearly doubled, soaring to $21.3 billion.
"Amazon is what it is because of invention," Bezos continued. "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."
Bezos concluded the letter by telling his staff to "keep inventing, and don’t despair when at first the idea looks crazy. Remember to wander. Let curiosity be your compass. It remains Day 1."
