Billionaire Jeff Bezos announced he will step down as the CEO of Amazon (AMZN) in the third quarter of the year and will pass the torch on to Andy Jassy, who leads the company’s cloud business (AWS). Bezos made the announcement after Amazon reported its first $100b quarter. He won’t be going anywhere too far, though – Bezos will transition to be the executive chairman of the board of the company.
And what does Bezos plan to do with all his spare time after he leaves the company? The 57-year-old said he will focus his energy on growing his Blue Origin spaceship company, The Washington Post, and the Bezos Earth Fund – sounds far from stepping down to retire.
Will Bezos be leaving Amazon in good hands? Jassy has been one of Bezos’ right-hand-men (or can we say “people”, for political correctness) for almost as long as Amazon has been around, so it is likely that his approach in running the company will mirror Bezos’. The markets seem to agree as Amazon’s shares remained largely unchanged on Wednesday after the announcement. Guess Bezos’ famed memos-only-during-meetings rule isn’t going anywhere.