Amazon said Tuesday that Jeff Bezos is stepping down as CEO later this year, a role he's had since he founded the company nearly 30 years ago.
Amazon said he'll be replaced in the fall by Andy Jassy, who runs Amazon's cloud business. Bezos will then become the company's executive chairman.
Bezos, who started the company 27 years ago as an internet bookseller, said in a note to employees posted on Amazon's website, "As Exec Chair I will stay engaged in important Amazon initiatives but also have the time and energy I need to focus on the Day 1 Fund, the Bezos Earth Fund, Blue Origin, The Washington Post, and my other passions."
He added, "I've never had more energy, and this isn't about retiring."
Since the start of the U.S. coronavirus outbreak, consumers have turned increasingly to Amazon for delivery of home staples and medical supplies. Brick-and-mortar shops closed their doors; Amazon, the world's largest online retailer, instead recruited over 400,000 more workers and posted consecutive record profits.
With its warehouses open, Amazon had another record holiday, beating estimates for online store sales, subscription sales, third-party service sales such as warehousing and other sales to merchants on its platform.
Jassy's Amazon Web Services (AWS), traditionally a bright spot, fell slightly short of expectations. While the cloud computing division announced deals in the quarter with ViacomCBS , the BMW Group and others, it posted revenue of $12.7 billion US, short of the $12.8 billion analysts had estimated.
A boost in revenue came from moving Amazon's marketing event Prime Day — usually in July — to October, lengthening the holiday shopping season.
https://news.google.com/__i/rss/rd/articles/CBMiRWh0dHBzOi8vd3d3LmNiYy5jYS9uZXdzL2J1c2luZXNzL2FtYXpvbi1iZXpvcy1zdGVwcGluZy1kb3duLTEuNTg5ODE3NtIBIGh0dHBzOi8vd3d3LmNiYy5jYS9hbXAvMS41ODk4MTc2?oc=5
2021-02-02 21:49:00Z
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