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."
ReturnPro CEO Sender Shamiss to discuss how his company is changing the way we make returns and how Trump's tariffs are affecting the return business. Watch!
Walmart, which became the nation’s largest retailer by making low prices a priority, has found itself in a place it’s rarely been: Warning customers that prices will rise for goods ranging from bananas to car seats.
Chris Beauchamp, Chief Market Analyst at IG International, joins J.D. Durkin to give analysis on the recent trade truce between the U.S. and China. Watch!
Shan Aggarwal, VP of Corporate and Business Development at Coinbase, discusses the company's acquisitio of Deribit as it heads into the S&P 500. Watch!
