Bezos to step down as Amazon CEO

In the US, Amazon CEO Jeff Bezos has announced he will step down from the role and become executive chairman, reports the Sydney Morning Herald.

Under the transition, Amazon Web Services CEO Andy Jassy will take over as Amazon CEO sometime in the third quarter of 2021. Bezos, who founded the company 27 years ago, said in a note to employees that as executive chair he would ‘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.’

Bezos’s announcement came as Amazon released its fourth-quarter results, with net sales rising to $US125.56 billion (A$165b)—the first time the company has reached over US$1b in quarterly sales.

Category: International news