Jeff Bezos has just announced he is stepping down as CEO of Amazon to become executive chairman of the company. The position of Amazon CEO will be filled by the head of the company's cloud division Andy Yassi. Bezos has served as CEO of Amazon for 27 years. In a letter to employees, Bezos wrote:
"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."
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Bezos added that he will remain involved in important Amazon projects, but will also have more time to focus on the Bezos Earth Fund and Amazon Day 1 Fund, the Blue Origin space venture and The Washington Post.
Amazon announced Bezos' departure from the CEO position along with its earnings report. The fourth quarter of 2020 was the most successful in the company's history. The company made $125.56B in revenue and surpassed the $100B mark for the first time.
Amazon's net sales posted a 38% increase to $386.1B, up from $280.5B in 2019.
The company's operating income increased to $22.9B from $14.5B in 2019.
Net income increased to $21.3B versus $11.6B in 2019.
Amazon shares have increased by around 1% in extended trading following the release of the earnings report and news about the change in the company's leadership.
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