Amazon founder and CEO Jeff Bezos is to step down from running
the business as it reported record revenues for its core Christmas quarter,
topping $100bn (£73.1bn) for the first time with help from the coronavirus pandemic.
The e-commerce, cloud data storage and entertainment giant said would
become executive chair during the summer, with Amazon Web Services
chief Andy Jassy assuming the top job.
Bezos said the shift would give him more time to concentrate on his other passions,
including the fight against climate change, and that the company’s latest
results demonstrated it was the right time to make the transition.
Amazon said revenues for 2020 as a whole came in at $386.1bn (£283bn) – up 38%.
However, while the company’s range of services were well placed to capitalise on
pandemic disruption in its core markets, the cost of meeting coronavirus safety
requirements limited net profits to $21.3bn – up from $11bn in 2019.