Amazon said Tuesday that Jeff Bezos will step down later this year and hand over management to Andy Gacy, the company’s chief cloud chief and that Bezos will take over as CEO of Amazon’s board of directors.
Bezos founded Amazon in 1994. Since then, the online library has grown into a global retail giant, for a wide range of different categories, from gadgets to grocery and live streaming services. As of last year, it is now worth over USD 1.6 trillion.
Although many had expected Jesse Bezos to succeed Amazon, the company kept succession plans muted.
Gacy joined Amazon in 1997 and has led the company’s cloud web services team since its inception, and has made lots of profits for the giant company.
“I am delighted to announce that in the third quarter of this year, I will assume the position of CEO of the Amazon Board of Directors, and Andy Gacy will become the CEO,” Bezos said in a speech to employees.
In his speech, Bezos added that in his new role, he would “focus on new products and early initiatives.”
Andy is well known within the company and has worked on Amazon most of my time. He will be an exceptional leader, and he has full confidence. ”
This news coincided with the quarterly earnings report: In the fourth quarter, Amazon posted nearly $ 100 billion for the first time, and the cloud computing division, which Gacy runs, grew 28%.