Amazon CEO Jeff Bezos quits CEO to become executive chair

CGTN

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Amazon said on Tuesday that its CEO Jeff Bezos will transition to the role of executive chair in the third quarter, with Andy Jassy, who heads Amazon Web Services, becoming the company's top boss.

In a letter to Amazon employees, Bezos said he would "stay engaged in important Amazon initiatives" but would pivot towards philanthropic initiatives and other business ventures in space exploration and journalism.

"I've never had more energy, and this isn't about retiring," Bezos wrote. "I'm super passionate about the impact I think these organizations can have."

The news came after Amazon reported a blowout holiday quarter with profits more than doubling to $7.2 billion and revenue jumping by 44 percent to $125.6 billion as pandemic lockdowns have caused online sales to explode around the globe.

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.

(Cover: Jeff Bezos, president and CEO of Amazon, speaks at the Economic Club of Washington, D.C.'s "Milestone Celebration Dinner" in Washington, D.C., U.S., September 13, 2018. /Reuters)

Source(s): Reuters ,AFP