Jeff Bezos steps down from Amazon CEO position! Along with the publication of the record results, Amazon announced that Jeff Bezos will hand over the reins to a new CEO. For the first time, the company's quarterly revenues exceeded $ 100 billion, and the changes are taking place on a positive wave.

Jeff Bezos steps down from Amazon CEO position | Who is the New Amazon CEO?
Jeff Bezos steps down from Amazon CEO position | Who is the New Amazon CEO?

Did Jeff Bezos steps down from Amazon CEO position?

In a  letter to employees, Bezos says that he will remain with the company as executive chairman and will continue to be involved in important Amazon initiatives. At the same time, he wants to focus on “his other hobbies,” including Day 1 Fund, Bezos Earth Fund, Blue Origin, The Washington Post.

“I've never had more energy and it's not about retirement,” writes the Amazon founder. "I'm very passionate about the impact that I think these organizations can have."

Jeff Bezos stepped down | Who is the New Amazon CEO?

Amazon CEO Andy Yassi | Who is the New Amazon CEO?
New Amazon CEO Andy Yassi

CEO Andy Yassi, who has supervised Amazon Web Services (AWS) since its beginning, will take over as CEO. “Andy is well known within the company and has been with Amazon for almost as long as I do. He will be an outstanding leader and I trust him completely, ”Bezos said.

Andy Yassi has been with Amazon for almost 24 years, while the company itself was founded 27 years ago. AWS remains the leader in cloud computing and storage, with the division accounting for 12% of Amazon's total revenue.

Yassi, 53, has long been a member of the so-called S-team, an elite group of high-ranking Amazon managers with whom Bezos meets regularly to make key business decisions. The Washington Post, owned by Bezos, hinted back in September that Yassi was the "clear heir" to the Amazon founder.

Here is what Amazon CFO revealed on  matter (Jeff Bezos step down from Amazon CEO position}:

Amazon CFO Brian Olsavski told investors that Bezos will remain involved in all of the company's major strategic decisions, which they call "major one-way problems."

Analysts agree that the CEO change should not have a significant impact on Amazon's core business. This is not the first time that the founder of a huge corporation has passed the baton, and previous examples have been quite successful: Bill Gates is no longer CEO of Microsoft, Larry Page is no longer Google.

"Bezos is not as visible as some CEOs, it will be interesting to see if Andy takes a different tactic," said Ed Anderson, an analyst at Gartner Inc. - Andy was the main spokesperson for AWS. It will be interesting to see if he uses this with Amazon as well. ”

Yassi successfully runs AWS and must now prove that he is able to manage all areas of the company, writes MarketWatch . “It's digital commerce, grocery, shipping, shipping, warehousing and manufacturing,” said Daniel Newman, principal analyst at Futurum Research. "Andy literally prototyped his ability to lead Amazon while working at AWS."

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Charlie O'Shea, a leading retail analyst at Moody's Investors Services, believes the change of power in the online giant will be "an absolutely smooth transition," with Bezos retaining his influence. “He will continue to be actively involved in the overall strategy of the company, he is the largest shareholder. There are many things that will keep him attached to this company, ”O'Shea told Yahoo Finance . “Andy did an amazing job with AWS, the numbers back that up,” added the analyst.

The only question that remains intriguing is whether AWS will spin off from Amazon. Previously, analysts considered this development likely because it reduced the risks of antitrust claims. But now the cloud business may not go on its own - after all, its head will lead the entire company. “It's one of those things that grows over time,” comments Gartner's Anderson. - There are strong arguments in favor of both options. Now they operate as fairly independent organizations. "

Amazon's CFO said the company has a “high-impact” succession plan that will ensure Yassi’s smooth transition to leadership as CEO. The transfer of powers will take place in the third quarter of this year.

Jeff Bezos is the richest man in the world, according to Forbes , his fortune is $ 196 billion. Amazon's capitalization is $ 1,700 billion.

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