Jeff Bezos has announced that he is leaving Amazon’s CEO 27 years after founding the company and transforming it into the undisputed leader in e-commerce worldwide. The New Mexico businessman will step down as CEO of the corporation and will be replaced by Andy Jassy, ​​the man at the helm of its cloud services unit, Amazon Web Services (AWS). Stocks reacted initially with a slight drop in the after-hours market.

Amazon, which announced record profits after another monumental quarter of holiday sales, explained that Bezos will step down from leading the company in the third quarter of 2021 to serve as CEO. His intention, at 57, is to focus his energies “on new products and initiatives”, in addition to other passions such as The Washington Post, the newspaper he acquired in 2013, and projects such as the Day 1 Fund and Blue Origin, the aerospace company. founded in 2000.

While he will leave Amazon in the hands of one of his trusted men. Andy (Jassy) is very well known within the company and has been with Amazon for almost as long as I have, Bezos said. He will be an outstanding leader and he has my complete confidence. Jassy joined the company in 1997 and was involved from the beginning in launching the company’s digital services unit. Under his leadership, Amazon has gone on to head a department that accounted for 52% of the company’s operating income, according to the most recent numbers.

Ahead will face challenges such as maintaining the strong growth rate of the company and dealing with the pressure exerted from Washington, accused of monopoly in the digital market. Amazon faces the same lawsuit in the European Union, a conflict that also includes other great Silicon Valley powers like Apple, Facebook, and Google.

But for now, his career seems unstoppable. Hand in hand with Bezos, the Seattle-based electronic giant has managed to go from selling books on the internet with which it started in 1994 to selling an infinite range of products and turning home delivery into a kind of global addiction. In January of last year, he joined Microsoft and Apple by surpassing a trillion dollars in market capitalization. Today it is worth 1.69 trillion, the third most valuable company in the world.

The announcement of Bezos’s move came accompanied by another quarter of thunderous results. Amazon shattered the goal of reaching $ 100 billion in revenue for the first time in a quarter. It closed the period with 125,560 million dollars and fiscal year 2020 with net earnings of 21,331 million dollars, almost double that of 11,588 million last year. All thanks to the impulse of online purchases due to the effects of the pandemic, which triggered the online fever to avoid the effects of the virus.

Bezos says he’s retiring not because he doesn’t enjoy going to the office every day, but because he feels it is time to focus on other projects that aren’t compatible with the “immense responsibility” of running Amazon. Millions of customers depend on us for our services and more than a million employees depend on us for a way of life. Being the CEO of Amazon is a huge responsibility and it consumes. When you have a responsibility like that, it is difficult to pay attention to something else, he wrote.