Jeff Bezos to hand over the CEO position

February 03, 2021
Jeff Bezos to hand over the CEO position

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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