JEFF BEZOS TO OFFICIALLY STEP DOWN AS AMAZON CEO ON JULY 5

CEO Jeff Bezos will step down on July 5, turning the helm over to cloud-computibg boss Andy Jassy.

“We choose that date because it’s sentimental for me, the day Amazon was incorporated in 1994, exactly 27 years ago,” Bezos said Wednesday at Amazon’s anual shareholder meeting, which was held virtually.

The announcement set off alarm bells in Wall Street and throughout the buisness community, though the transition does not necessarily portend any significant change to Amazon’s bsuiness. Amazon reported a year of record growth on Tuesday, including a 38 percent increase in net sales from 2019, netting the company 21 billion dollar in income, nearly double from the year before. Investors didn’t seem fazed by the news, either. Amazon’s share price was up about 1.5 percent following the announcement.

It remains to be seen how active Bezos will be in Amazon’s business in his new role. Several major tech executives have stepped down as CEO and remained intimately involved in their companies’ business, including Larry Ellison at Oracle and Bill Gates at Microsoft. Bezon remains one of Amazon’s biggest shareholders.

“I will reiterate is not leaving,”Brian Olsavsky, chief financial officer of Amazon, told investors on Tuesday. “He’s going to be executive chairman, super important role, super active in the Amazon success story.


Input : CNBC

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