Why Jim Cramer Says Buy Amazon Despite Jeff Bezos Stepping Down as CEO

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Amazon announced that Jeff Bezos is stepping down from his role as CEO. Bezos founded Amazon in 1994.

Bezos will be transitioning to the role of Executive Chair in the third quarter of 2021. Taking his helm as chief executive of one of the largest tech companies in the world will be Andy Jassey, the current CEO of Amazon Web Services.

Jassy joined Amazon back in 1997.

In a letter to employees, Bezos said, "I’m excited to announce that this Q3 I’ll transition to Executive Chair of the Amazon Board and Andy Jassy will become CEO...In the Exec Chair role, I intend to focus my energies and attention on new products and early initiatives. Andy is well known inside the company and has been at Amazon almost as long as I have. He will be an outstanding leader, and he has my full confidence.”

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