Amazon CEO Jeff Bezos will leave his post later this year, handing the reigns to Andy Jassy. Jassy joined Amazon in ’97 and runs Amazon’s Web Services cloud team. AWS continues to drive much of Amazon’s profit. Bezos will transition to executive chairman of Amazon’s board.
The mega corp. owner founded Amazon in 1994 and has since morphed the online bookstore into a monopolistic retailer. Amazon surpassed a $1 trillion market cap under Bezos in January of last year and has already pupped that up another 60% to $1.6 trillion.
The company had kept its succession plans quiet, though onlookers speculated that either Jassy or Jeff Wilke, CEO of Amazon’s worldwide consumer business, would be the eventual successor. In August Wilke said he will retire in 2021. Jassy will become CEO in the third quarter\