Andy Jassy Will take over as Amazon’s CEO as Jeff Bezos Will Step Down in Q3

Credit Wiki


Later this year, during the third quarter Jeff Bezos, the founder and CEO of Amazon, will step down from this position and don the role of executive chairman of the company’s board. Andy Jassy, who is the top cloud executive at Amazon, will be the new chief executive of the company.


The fifty seven year old Bezos started Amazon as an online bookstore in 1994. Through the past few decades, this company has become a huge retailer and sells everything from electronics to food, from books to cosmetics, from equipment to appliances. In January 2020 under Bezos’ leadership the company crossed a $1 trillion market cap. Its current worth is in the excess of $1.6 trillion.


There had been speculation about Bezos’ successor and two names: Andy Jassy who leads Amazon’s Web Services and Jeff Wilkes, the CEO of Amazon’s consumer business throughout the world were mentioned. Just over six months ago, Wilke’s retirement in 2021 was announced by the company and the fifty three year old Jassy became the lead contender to take over in Q3.


Jassy has also been with Amazon for more than two decades. He joined in 1997 and led the Web Services, one of the larger profit makers, right from its inception.


Jeff Bezos announced his transition to executive chairman right after the company’s earnings report, a time when Amazon reported its $100 billion earnings in a quarter.


Jassy reported a 28% increase in Amazon Web Services (AWS) for Q4. The successful AWS led by him contributes to about 52% of the company’s operating income as per data from October 2020.


Amazon saw a 1% increase in trading on Tuesday after all this positive news was released. The year 2021 saw a 4% gain for the retailer and its value has jumped by nearly 70% in the last year.


Jassy has been called a visionary and an able leader who will maintain continuity. However, he will face a lot of pressure and stress as he has to deal with anti-trust investigations brought against Amazon and other tech giants by the U.S and the E.U.

Follow us on Google news for more updates and News


This content is being provided to you for informational purposes only. The content has been prepared by third parties not affiliated with CWEB Inc, a business. This content and any information contained therein, does not constitute a recommendation by CWEB to buy, sell or hold any security, financial product or instrument referenced in the content. This information neither is, nor should be construed as an offer, or a solicitation of an offer, to buy or sell securities by CWEB Inc. CWEB Inc. does not offer or provide any opinion regarding the nature, potential, value, suitability or profitability of any particular investment or investment strategy, and you shall be fully responsible for any investment decisions you make, and such decisions will be based solely on your evaluation of your financial circumstances, investment objectives, risk tolerance, and liquidity needs.

Unless stated otherwise, the web content provided by the CWEB family of companies is for educational purposes only. The information and tools provided neither are, nor should be construed, as an offer, or a solicitation of an offer, to buy or sell securities by CWEB Inc. or its affiliates. Unless stated otherwise, no information presented constitutes a recommendation by CWEB Inc. or its affiliates to buy, sell or hold any security, financial product or instrument discussed therein or to engage in any specific investment strategy.

Full Disclaimer

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.