Jeff Bezos leaves CEO position to become executive chairman. Stronger-than-expected earnings for Amazon
Amazon
is just a couple of quarters away from having a new CEO after Jeff Bezos
announced that he would step down from his current office and transition to executive
chairman. It comes after more than 25 years of him being the head of a behemoth
whose market cap tops $1.6 trillion.
His spot will be taken by Andy Jassy, 53, the current chief
executive of Amazon’s cloud computing division, who became part of the company
in 1997. The transition will be made effective in the third quarter, which
begins in July.
The news came after #AMZN posted Q4 2020 earnings that
impressed the markets. For the last three months of 2020, the company reported
an EPS of $14.09 on $125.56 billion revenues – the largest quarterly figures
ever reported by Amazon.
Moreover, its cloud computing unit, currently managed by
Andy Jassy had a revenue increase of 28% to $12.7 billion from Q4 2019 $9.95
billion.
After the news hit the wires, Amazon stock price traded 1%
higher. Since the beginning of the year, it went up almost 4%, while in the
past year it added 70%.
Sources: investing.com, cnbc.com
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