Jeff Bezos to step down as Amazon CEO

Amazon.com Inc has beaten estimates for holiday-quarter sales and says Jeff Bezos would move to the role of executive chair in the third quarter and be replaced by Amazon Web Services head Andy Jassy as chief executive officer.

Jeff Bezos will step down as CEO of Amazon. Photo: AFP

Net sales rose to $125.56 billion in the fourth quarter ended 31 December from $87.44 billion, beating estimates of $119.7 billion, according to IBES data from Refinitiv.

Amazon was forced to move its two-day shopping event Prime Day, typically in July, to early October, contributing to its holiday sales numbers.

More to come…

– Reuters