Jeff Bezos steps down as CEO and Andy Jassy takes over: AMZN in Q4

Amazon (AMZN) announced on Tuesday that the company’s founder and CEO Jeff Bezos will step down in the third quarter of 2021. Bezos will move to the company’s CEO, and Andy Jesse, who currently heads Amazon Web Services (AWS) ), will take over the position of CEO of the company.

Bezos: “In the role of CEO, I plan to focus my energy and attention on new products and early initiatives. Andy is well known inside the company and has been on Amazon for almost as long as I have. He will be an outstanding leader and I have full confidence in him. ”
,, Being the CEO of Amazon is a serious and time-consuming responsibility. When you have such a responsibility, you rarely pay attention to anything else … ”

Charlie O’Shea, a leading retail analyst at Moody’s Investors Services, said that leaving and replacing Bezos with Jassy would be “absolutely “Andy did a great job with AWS and the numbers confirm that,” added O’Shea. AWS continues to be the engine of the company’s profits and supports the retail business as a continuing investment.

In the fourth quarter, AWS increased revenue by 28% to $ 12.74 billion. This growth rate during the year remained approximately stable compared to the third quarter, and in 2019 the segment became the leader of the US market share in cloud web hosting. And AWS’s operating income rose even more, jumping 37 percent to nearly $ 3.6 billion. The announcement of Bezos’ departure came in tandem with Amazon’s fourth-quarter earnings results, which easily exceeded expectations. The e-commerce giant reported earnings of $ 14.09 per share on record earnings of $ 125.56 billion, compared to the consensus estimates of $ 7.34 per share on revenue of $ 119.70 billion, according to Bloomberg.