founder and CEO introduced in a letter to Amazon workers that as of the third quarter of 2021, he intends to transition to the function of government chair of the Amazon board. Andy Jassy, the CEO of (AWS) will substitute him as CEO of Amazon.

Since founding the corporate 23 years in the past, Bezos has grown Amazon into some of the highly effective companies on the earth. It was simply the second U.S. to achieve a market cap of $1 trillion (behind Apple), and that quantity is now round $1.7 trillion.

In line with the Bloomberg Billionaires Index, Bezos is at the moment the second-richest man on the earth, with a web value of about $188 billion. 

Fellow Amazonians:

I’m excited to announce that this Q3 I’ll transition to Govt Chair of the Amazon Board and Andy Jassy will turn into CEO. Within the Exec Chair function, I intend to focus my energies and a focus on new merchandise and early initiatives. Andy is well-known inside the corporate and has been at Amazon nearly so long as I’ve. He can be an impressive chief, and he has my full confidence.

This journey started some 27 years in the past. Amazon was solely an thought, and it had no title. The query I used to be requested most ceaselessly at the moment was, “What’s the web?” Blessedly, I haven’t needed to clarify that in a protracted whereas.

At present, we make use of 1.3 million gifted, devoted individuals, serve a whole bunch of tens of millions of shoppers and companies, and are widely known as some of the profitable firms on the earth.

How did that occur? Invention. Invention is the foundation of our success. We’ve accomplished loopy issues collectively, after which made them regular. We pioneered buyer critiques, 1-Click on, personalised suggestions, Prime’s insanely-fast transport, Simply Stroll Out purchasing, the Local weather Pledge, Kindle, Alexa, market, infrastructure , Profession Selection, and far more. Should you get it proper, a number of years after a stunning invention, the brand new factor has turn into regular. Individuals yawn. And that yawn is the best praise an inventor can obtain.

I don’t know of one other firm with an invention monitor document nearly as good as Amazon’s, and I imagine we’re at our most ingenious proper now. I hope you might be as happy with our inventiveness as I’m. I believe you need to be.

As Amazon grew to become giant, we determined to make use of our scale and scope to steer on vital social points. Two high-impact examples: our $15 minimal wage and the Local weather Pledge. In each circumstances, we staked out management positions after which requested others to return together with us. In each circumstances, it’s working. Different giant firms are coming our method. I hope you’re happy with that as properly.

I discover my work significant and enjoyable. I get to work with the neatest, most gifted, most ingenious teammates. When instances have been good, you’ve been humble. When instances have been robust, you’ve been robust and supportive, and we’ve made one another giggle. It’s a pleasure to work on this crew.

As a lot as I nonetheless faucet dance into the workplace, I’m enthusiastic about this transition. Tens of millions of shoppers rely upon us for our companies, and greater than one million workers rely upon us for his or her livelihoods. Being the CEO of Amazon is a deep duty, and it’s consuming. When you will have a duty like that, it’s laborious to place consideration on anything. As Exec Chair I’ll keep engaged in vital Amazon initiatives but additionally have the time and vitality I must deal with the Day 1 Fund, the Bezos Earth Fund, , The Washington Publish, and my different passions. I’ve by no means had extra vitality, and this isn’t about retiring. I’m tremendous passionate in regards to the influence I believe these organizations can have.

Amazon couldn’t be higher positioned for the long run. We’re firing on all cylinders, simply because the world wants us to. We’ve issues within the pipeline that can proceed to astonish. We serve people and enterprises, and we’ve pioneered two full industries and an entire new class of units. We’re leaders in areas as different as machine studying and logistics, and if an Amazonian’s thought requires yet one more new institutional ability, we’re versatile sufficient and affected person sufficient to study it.

Maintain inventing, and don’t despair when at first the thought appears loopy. Keep in mind to wander. Let curiosity be your compass. It stays Day 1.