Jeff Bezos to step down as Amazon CEO

Amazon founder Jeff Bezos will no longer be the CEO of the company he founded in 1994.

Bezos will have a new role at Amazon. He will become executive chairman of the board and will "focus energy and attention on new products." Amazon Web Services CEO Andy Yassy will be named CEO. He has been with the company since 1997.

Amazon announced the departure of Bezos simultaneously with the publication of the earnings report in 2020. Revenue grew by 38% year-on-year to $386.1 billion. Net income nearly doubled to $21.3 billion.