Amazon.com Inc on Tuesday said founder Jeff Bezos would step down as CEO and become executive chairman, as the company reported its third consecutive record profit and quarterly sales above $100 billion for the first time.
The transition, slated for the third quarter, will make current cloud computing chief Andy Jassy Amazon’s next chief executive officer.
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, said in a note to employees posted on Amazon’s website, ‘As Exec Chair I will 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.’
He added, ;I’ve never had more energy, and this isn’t about retiring.’
Amazon shares were up less than 1% in after-hours trading.