Finally, it has been official that billionaire Jeff Bezos, who founded Amazon nearly three decades ago, is ready to step down as the CEO in the third quarter of 2021 and Andy Jassy is going to be his successor.
The announcement was made by Amazon on Wednesday, February 3, 2020, that sales hiked to 38 percent ($386.1 billion) as compared with $280.5 billion in 2019. This was surprising news that the company jumped to a 38 percent increase in 2020, that is, during the time of the pandemic.
Jeff Bezos, who is currently 57 years of age, has finally decided to step down to the role of Executive Chair in the third quarter of this year, and Andy Jassy, who is 53 years of age, and currently CEO of the company’s cloud business (Amazon Web Services), will become the first Chief Executive Officer of Amazon after Bezos.
Jeff wrote a letter to Amazonians that he will transit to Executive Chair of the Board, where he will indulge himself to focus his energy more on the new products and early initiatives. He also said that “Jassy has been a well-known employee of the company who has been a part of it and has also given his potential and energy same as I have given for so many years. He will be an excellent leader and he has my full confidence”.
Bezos also mentioned that being the CEO of Amazon is not an easy job as you have to carry deep responsibilities on your shoulders and with that responsibility, it is really hard to give attention and time to anything else.
Jeff Bezos’ Future Vision
Being an Executive Chair will allow Bezos to get engaged in Amazon initiatives like Bezos Earth Fund, Blue Origin. He clearly said that he never had more energy and this time it is not about retiring; he is just passionate about contributing his energy and power to such organizations to bring a great impact to society.
When he was asked that how did this happen, then he simply replied that he always believed in inventions and the on-growing technology. He sensed that technology will never stop evolving and this is the perfect time to launch his project with the help of technology. This bright vision of his pushed him hard to achieve what he has achieved till now.
He also described his work as “fun and meaningful” and he is super excited regarding the transition at a time when millions of customers are dependent on Amazon and more than a million employees are dependent on it for their livelihoods.
Amazon’s Net Sales and Net Income
In the fourth quarter of the year 2020, Amazon’s net sales went to $125.6 billion as compared with $87.4 billion in the fourth quarter of the year 2019. Whereas, net income did increase to $7.2 billion in the fourth quarter of the year 2020, as compared with the net income of $3.3 billion in the fourth quarter of the year 2019.
And, for the full year 2020, there was an increase in the net income of $21.3 billion as compared with the net income of $11.6 billion of the year 2019.