Bezos stepping down as Amazon CEO

Amazon said Tuesday that CEO Jeff Bezos will be transitioning from the top spot into the role of executive chair of the company’s board in the third quarter of 2021.

The announcement came as Amazon, the e-commerce giant Bezos founded in 1994, reported its highest quarterly revenue ever, at $125 billion.

“When you look at our financial results, what you’re actually seeing are the long-run cumulative results of invention. Right now I see Amazon at its most inventive ever, making it an optimal time for this transition,” Bezos said in a statement.

He will be succeeded by Andy Jassy, the current head of Amazon Web Services.