Amazon founder and CEO Jeff Bezos replaced by Andy Jassy after the third quarter

Andy Jassy in 1997 was recruited by amazon as a marketing manager. In 2003 he commissioned the AWS, the web division which turned in a huge amount of profits over the years. Jeff Bezos who founded Amazon in the first place was often regarded as the richest man alive by virtue of his share of stock at Amazon. The company announced the new transition of power at the top in between a holiday blowout profit gain of $7.2 Billion and thereby the company saw a revenue increase of 44 percent.

Andy Jassy who was the head of Amazon Web Services would now assume the role of CEO at Amazon.

“Amazon is what it is because of invention, Right now I see Amazon at it’s most inventive ever, making it an optimal time for this transition”.

Bezos said in a statement
Jeff Bezos letter to Amazon employees.