Jeff Bezos To Step Down As CEO Of Amazon

Amazon on Tuesday said founder Jeff Bezos would step down as CEO and become executive chairman and Andy Jassywould be Amazon's next chief executive officer. The company reported its 3rd consecutive record profit and quarterly sales above $100 billion for the first time. Net sales rose to $125.56 billion as consumers turned to the world's largest online retailer for holiday shopping.

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.”

Since the start of the US coronavirus outbreak, consumers have turned increasingly to Amazon for delivery of home staples and medical supplies. Brick-and-mortar shops closed their doors; Amazon, the world's largest online retailer, instead recruited over 400,000 more workers and posted consecutive record profits.

Amazon chief financial officer Brian Olsavsky told reporters on a conference call that costs associated with the pandemic in the first quarter are expected to total $2 billion, down from $4 billion in the 4th quarter. With its warehouses open, Amazon had another record holiday, beating estimates for subscription sales, online store sales, third-party service sales such as warehousing and other sales to merchants on its platform.