Jeff Bezos to step down, hand over Amazon reins to cloud chief Andy Jassy

The announcement ends a long-running question about who would succeed the world’s second-richest person at the company’s helm

Amazon.com Inc on Tuesday said founder Jeff Bezos would step down as CEO and become executive chairman, as the company reported a third consecutive record profit and quarterly sales above $100 billion for the first time. This summer, Bezos, 57, will hand the keys of the world’s largest online retailer to Andy Jassy, head of its cloud computing division. The announcement ends a long-running question about who would succeed the world’s second-richest person at the company’s helm.

Jassy, 53, joined Amazon in 1997 after Harvard Business School, founding Amazon Web Services (AWS) and growing it to a cloud platform used by millions, the company’s website said. He had been a clear contender for the top job since Amazon created two CEO roles reporting to Bezos, the other held by recently retired consumer CEO Jeff Wilke. Tom Johnson, chief transformation officer at Mindshare Worldwide, said Jassy’s promotion underscored the importance of web services to Amazon’s future. “Jassy’s background in steering AWS shows just how top of mind those services are to Amazon’s business strategy. It’ll be interesting to see how that affects their strategy and balancing that priority with a growing ad business and the commerce behemoth,” he said.

Jassy is known for understanding technical details, and he has regularly taken jabs at legacy player Oracle Corp and cloud rival Microsoft Corp, which AWS continues to exceed in sales. Under Jassy’s leadership, Amazon’s cloud business has signed major customers including Verizon, McDonald’s and Honeywell. The division’s quarterly revenue consistently rose by double digits, helping cement its position as the market leader.

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