Founder and CEO of the multi-national technology company Amazon, Jeff Bezos will step down in the third quarter of 2021.
Bezos who founded Amazon in 1994, is transmuting to the board chairman.
Andy Jassy, a top executive who joined Amazon as a marketing manager in 1997, has been confirmed as the successor. He has led the Amazon Web Services cloud team since its inception.
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Amazon is yet to announced who will be replacing Jassy at AWS.
“I’m excited to announce that this Q3 I’ll transition to Executive Chair of the Amazon Board and Andy Jassy will become CEO,” Bezos said in a letter to employees.
“Andy is well known inside the company and has been at Amazon almost as long as I have. He will be an outstanding leader, and he has my full confidence,” he added.
Jassy is expected to focus on new products and early initiatives, according to Bezos.
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