Amazon.com, Inc. has announced on Tuesday, February 2 that Jeff Bezos, the founder and current Amazon’s Chief Executive Officer (CEO) will step down in his position and will transition to the role of Executive Chair in the third quarter of 2021.

“I’m excited to announce that this Q3 I’ll transition to Executive Chair of the Amazon Board and Andy Jassy will become CEO. In the Exec Chair role, I intend to focus my energies and attention on new products and early initiatives,” Bezos stated in his letter to fellow Amazonians emphasizing that the turn over isn’t about retiring.

Bezos’s successor will be Andy Jassy, Amazon’s Web Services CEO, who has been working in Amazon ever since. “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,” Bezos wrote.

This announcement was delivered together with Amazon’s fourth quarter financial report.

Citing the report, Amazon’s Net sales increased 44% to $125.6 billion in the fourth quarter in 2020 compared to $87.4 billion in 2019 –resulted from a blowout caused during the pandemic where online shoppers and sellers meet each other’s needs.

“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 about the positive standing of Amazon’s performance over the year.

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