By Inside Retail Asia
Amazon.com Inc on Tuesday said founder Jeff Bezos would step down as CEO and become executive chairman, as the company reported its third consecutive record profit and quarterly sales above $100 billion for the first time.
The transition, slated for the third quarter, will make current cloud computing chief Andy Jassy Amazon’s next chief executive officer.
Net sales rose to $125.56 billion as consumers turned to the world’s largest online retailer for holiday shopping, beating analyst estimates of $119.7 billion, according to IBES data from Refinitiv.
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.”
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