Jeff Bezos will step down as Amazon CEO and become the company's executive chairman later this year. He will be succeeded by Andy Jassy, Founder, Amazon Web Services' (AWS).
This, even as the e-commerce company reported its third consecutive record profit and quarterly sales above $100 billion for the first time in the December quarter of 2020. Net sales rose to $125.56 billion as consumers turned to the world's largest online retailer for holiday shopping, beating analyst estimates of $119.7 billion, according to IBES data from Refinitiv.
Bezos, who started the company 27 years ago as an internet bookseller, will stay engaged in important Amazon initiatives, He joined Amazon in 1997 and has a MBA from Harvard Business School, according to the company's website. He founded Amazon Web Services (AWS) and grew it to a cloud platform used by millions.
