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Jeff Bezos to step down as Amazon chief executive Jeff Bezos to step down as Amazon chief executive

Jeff Bezos to step down as Amazon chief executive

Jeff Bezos retire as Amazon chief executive of the e-commerce giant that he started in his garage nearly 30 years ago.
Sense categoriaZPortada Derecha 3 February, 2021 user5 0
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Inici » Historic » Jeff Bezos to step down as Amazon chief executive

Amazon founder Jeff Bezos will step down from his role as chief executive later this year and transition to the role of executive chair, the company said Tuesday. He’s replacement will be Andy Jassy.

Bezos has been Amazon’s CEO since its founding in 1995. He oversaw its growth from an online bookseller into a $1.7 trillion global retail and logistics behemoth. Jassy has worked for Amazon since 1997 and currently serves as CEO of the company’s cloud business. Amazon Web Services, its biggest profit driver. “This journey began some 27 years ago. Amazon started as an idea, and it didn´t had a name,” Bezos wrote letter to employees Tuesday. “The question interviewers asked most frequently at that time was, ‘What’s the internet?’ … Today, we employ 1.3 million talented, dedicated people, serve hundreds of millions of customers and businesses. We are widely recognized as one of the most successful companies in the world. Jeff Bezos to step down as Amazon chief executive.

Andy Jassy, who currently heads Amazon Web Services, will take over as Amazon CEO from Jeff Bezos later this year.

Andy Jassy, who currently heads Amazon Web Services, will take over as Amazon CEO from Jeff Bezos later this year.

 

The news came as part of Amazon’s fourth-quarter earnings report. The company handily beat Wall Street analysts’ projections for both sales and profit. Capping a banner year as the pandemic boosted its retail and cloud businesses.
The company’s shares were essentially flat shortly after the market closed Tuesday, but gained almost 1% two hours after the closing bell. Amazon’s stock has grown nearly 69% over the past year.

Massive earnings beat

Amazon (AMZN) posted quarterly net sales of $125.6 billion, up 44% from the same period in the prior year and well ahead of the $119.7 billion Wall Street analysts had projected. Jeff Bezos to step down as Amazon chief executive
Net income in the quarter hit $7.2 billion — nearly double the $3.7 billion Wall Street predicted. More than double the $3.3 billion in income the company earned in the year-ago quarter. Earnings per diluted share were $14.09.
The quarterly results include sales from Prime Day, which was held October 13-14 after being postponed over the summer because of the pandemic. Sales from Prime Day, as well as continued demand for online shopping as Covid-19 cases surged, contributed to 40% year-over-year growth in Amazon’s net sales in North America, which totaled more than $75 billion. International sales jumped 57% to nearly $37.5 billion.
Amazon said it delivered more than a billion products to customers worldwide during a “record-breaking holiday season.”
Revenue from Amazon Web Services grew 28% from the prior-year quarter to more than $12.7 billion, which the company attributed to “significant customer momentum,” including new commitments and migrations to the cloud by the likes of JPMorgan Chase (JPM), Twitter (TWTR), Metro-Goldwyn-Mayer, among others. AWS posted full year revenue of more than $45 billion and operating income of $13.5 billion.

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