Jeff Bezos will step down as chief executive officer (CEO) of Amazon later this year. The transition, slated for the third quarter of 2021, will make Andy Jassy, the founder of Amazon Web Services (AWS) – the cloud service of the global online retailer – Amazon’s next CEO. Mr Bezos later on take over as executive chairman of Amazon’s board. 

Mr Bezos, who started Amazon 27 years ago as an internet bookseller, has said in a note to employees posted on the company’s website: “As executive chair, I will stay engaged in important Amazon initiatives but also have the time and energy I need to focus on the Day 1 Fund, the Bezos Earth Fund, Blue Origin, The Washington Post and my other passions.” He also added: “I have never had more energy, and this is not about retiring” 

Mr Jassy joined Amazon in 1997 and has an MBA from Harvard Business School, according to the company’s website. He founded AWS and grew it into a cloud platform used by millions. 

Since the start of the Coronavirus outbreak, consumers worldwide have turned increasingly to online retailers, likeAmazon, for delivery of home staples and medical supplies. This has led to many brick-and-mortar shops shutting down. Amazon, the world’s largest online retailer, has instead recruited over 400,000 more workers and posted consecutive record profits in the past few quarters. 

Mr Jassy will, in the meanwhile, need to guide Amazon through anti-trust concerns once he takes the reins. Last October, after a 16-month investigation into competitive practices at big tech companies including Amazon, the US’ House Judiciary Sub-Committee on Antitrust concluded that Amazon, Apple, Facebook and Google enjoy monopoly power. Amazon is also facing anti-trust complaints in the EU.