Jeff Bezos, the second wealthiest person in the world, announced stepping down from the CEO chair of Amazon. Bezos will stay in the company as the head of board in the Amazon. New CEO will be Andrew Jassy, currently the head of Amazon Web Services division. Jassy’s division according to the last quarterly results generated the highest profit of the company.

Citigroup analysts wrote: “We expect Amazon’s equity to trade higher... but expect a more tempered response given the change in CEO.”

Bezos announced the decision after a huge 44% growth of revenue during the last quarter and profits more than doubled. One of the tech giants reported first time $100 billion quarter earnings. After the results, 17 brokerages raised their price target and46 brokerages have a “buy” or higher rating on the Amazon, according to data from Refinitiv Eikon.

Amazon’s stocks jumped approximately by 2,5% after Bezos announced stepping down as CEO.

Performance of Amazon (Tradingview.com)