Jeff Bezos revealed on Tuesday, Feb. 2, that he would move to the position of executive chair later this year, after more than 25 years of serving as Amazon’s CEO.
Amazon Web Services Chief Executive Andy Jassy will become the next CEO.
Bezos commented on Amazon’s insurmountable success over the past nearly three decades in an email memo to employees made public.
Bezos wrote in his letter:
“This journey began some 27 years ago,” he described. “Amazon was only an idea, and it had no name. The question I was asked most frequently at that time was, ‘What’s the internet?’ Blessedly, I haven’t had to explain that in a long while.”
“I get to work with the smartest, most talented, most ingenious teammates. When times have been good, you’ve been humble. When times have been tough, you’ve been strong and supportive, and we’ve made each other laugh. It is a joy to work on this team.”
“As much as I still tap dance into the office, I’m excited about this transition,” he continued. “Millions of customers depend on us for our services, and more than a million employees depend on us for their livelihoods. 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.”
“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,” Bezos wrote to staff. “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.”
“I don’t know of another company with an invention track record as good as Amazon’s, and I believe we are at our most inventive right now,” “I hope you are as proud of our inventiveness as I am. I think you should be.”
His time at Amazon was characterized by Bezo as “meaningful and fun.”
In 1994, in his garage, Bezos created Amazon as an online bookstore. With an estimated $184 billion net worth, Bezos, 57, is the world’s second richest person.
Bezos made Amazon into one of the biggest corporations in the world, and today, the business has a market value of almost $1.7 trillion.
Looking to the future, Bezos said that his focus will move elsewhere while he remains committed to fostering continued innovation across Amazon.