Amazon said on Tuesday that its founder, Jeff Bezos, will step down as CEO later this year and move to the position of its chairman, while Andy Gacy will replace him. Bezos has held the position of CEO of “Amazon” since its inception in 1995, and oversaw its growth from an online bookstore to a global retail and logistics company, currently worth $ 1.7 trillion, making Bezos also one of the richest people in the world Today.
Gacy has worked at Amazon since 1997, and is currently CEO of the company’s cloud business (Amazon Web Services), the company’s biggest profit engine.
“This journey began about 27 years ago,” Bezos wrote in a letter to employees on Tuesday. Amazon was just an idea, and it had no name. The most common question for me at the time was: What is the Internet? Today we employ 1.3 million talented and dedicated people, serving hundreds of millions of clients and companies, and we are widely known as one of the most successful companies in the world. ”
In his letter, he also said that he is excited about the new shift that will provide him with more time to work on foreign projects, as he made clear that, as Chairman of the Board of Directors of “Amazon”, he will focus on “new products and early initiatives.” The announcement came as part of Amazon’s fourth-quarter earnings report, as the company easily beat Wall Street analysts ’expectations for both sales and profits, and capped a remarkable year, during which the epidemic boosted the company’s retail and cloud business. The company’s shares were essentially flat shortly after the market closed on Tuesday, but rose roughly 1% two hours after the closing bell.
Amazon’s inventory grew nearly 69% over the past year, and recorded quarterly net sales of $ 125.6 billion, an increase of 44% over the same period last year, surpassing Wall Street analysts ’expectations, which estimated its net sales at $ 119.7 billion. According to CNN, that. The American, the net income of Amazon in this quarter was $ 7.2 billion, nearly double the $ 3.7 billion that Wall Street expected, and more than double the $ 3.3 billion income the company achieved in the same quarter of the year. Last, while diluted earnings of its share were $ 14.09.
The quarterly results include sales of Prime Day, which was held from October 13 to 14, after it was postponed during the summer due to the “Corona pandemic.” Sales from Prime Day, in addition to the continued demand for online shopping with the high number of HIV cases, contributed to the growth of Amazon’s net sales in North America 40% year-on-year, totaling more than $ 75 billion, while it jumped International sales 57%, to about 37.5 billion dollars.