Amazon's Jeff Bezos to step down as CEO in Q3, Andy Jassy to take over

Amazon founder Jeff Bezos will step down as the chief executive officer in the third quarter of 2021, the company said on Wednesday, while announcing its financial results for fourth quarter.

Bezos, who founded the company 27 years ago, will become the executive chairman of the Amazon Board, whereas Andy Jassy, currently the chief of Amazon Web Services, will take over as the CEO.

In the quarter ending December 31, Amazon recorded $100 billion in sales for last three months of 2020.

"Amazon is what it is because of invention," Bezos said in a statement.

"If you do it right, a few years after a surprising invention, the new thing has become normal. People yawn. That yawn is the greatest compliment an inventor can receive. 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," he added.