It's the end of an era at Amazon. In line with the release of its quarterly earnings, the company on Tuesday announced that founder Jeff Bezos will step down as CEO and assume the role of executive chair in the third quarter of 2021.
Andy Jassy, currently the CEO of Amazon Web Services, which has helped drive profits for the global e-commerce giant in recent years, will take over the top spot.
"Amazon is what it is because of invention," said Bezos in the release. "We do crazy things together and then make them normal. We pioneered customer reviews, 1-Click, personalized recommendations, Prime's insanely-fast shipping, Just Walk Out shopping, the Climate Pledge, Kindle, Alexa, marketplace, infrastructure cloud computing, Career Choice, and much more."
The company also delivered its best quarter ever by revenue with $125.56 billion coming out of the holiday season, compared with $87.4 billion in the fourth quarter of 2019.
In a letter to employees that was published on the company's blog, Bezos explained what he will focus on in his new role and commended his replacement.
"In the Exec Chair role, I intend to focus my energies and attention on new products and early initiatives," he wrote. "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."
Fresh off a successful funding round, co-founder of Lapse Dan Silvertown shares thoughts on regulation, privacy, and why the money for great startups is still out there.
Wendy's announced they are testing out fluctuating prices throughout the day for certain products based on demand. Who will groan the most: lunch-breakers, dinner drivers or late-night goblins?
Shubha Dasgupta, CEO of Pineapple Financial, discusses incorporating artificial intelligence with its newly announced ‘Maui’ tool, plus plans for expansion.
Chair of Penn Engineering’s Department of Computer and Information Science Zachary Ives shares how the department is building its artificial intelligence degree program.
Frances Stacy, Optimal Capital Director of Strategy, breaks down why the latest data indicates the economy may be struggling more than expected, plus some sectors she’s watching.
The Federal Trade Commission is suing to block a proposed merger between the two grocery stores. The FTC says the $24.6 billion deal would eliminate competition and lead to higher prices for millions of Americans.
