Bezos to step down as Amazon CEO as Q4 revenues top $125bn
Amazon founder and chief executive Jeff Bezos is stepping away from his chief executive post, as the online giant posts fourth-quarter sales of $125.5bn (£90.4bn).
Bezos will become executive chair in Q3 2021 and Amazon Web Services chief Andy Jassy will replace him as chief executive.
The online retailer’s global revenues for 2020 surged by 38% to $386.1bn, compared with $280.5bn in 2019.
Amazon founder and chief executive Jeff Bezos is stepping away from his chief executive post, as the online giant posts fourth-quarter sales of $125.5bn (£90.4bn).
Bezos will become executive chair in Q3 2021 and Amazon Web Services chief Andy Jassy will replace him as chief executive.
The online retailer’s global revenues for 2020 surged by 38% to $386.1bn, compared with $280.5bn in 2019.
Q4 international sales growth, which jumped to 50% from 33% in Q3, was mainly driven by “government actions and lockdowns” in the UK and Europe, according to senior vice president and chief financial officer Brian Olsavsky.
Net income for the full year reached $21.3bn, up on $11.6bn in the previous year. During the quarter it increased to $7.2bn, from $3.3bn in Q4 2019.
Amazon increased square footage across its fulfillment and logistics network by 50% in 2020.
Bezos said: “Amazon is what it is because of invention. We do crazy things together and then make them normal… If you do it right, a few years after a surprising invention, the new thing has become normal. People yawn.
“That yawn is the greatest compliment an inventor can receive. When you look at our financial results, what you are actually seeing are the long-run cumulative results of invention. Right now I see Amazon at its most inventive ever, making it an optimal time for this transition.”
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