Jeff Bezos

CNBC reports:


– Amazon announced on Tuesday that AWS CEO Andy Jassy will replace Jeff Bezos as CEO during the third quarter of this year. Bezos will transition to executive chair of Amazon’s board.

– Jassy joined Amazon in 1997 and has led Amazon’s Web Services cloud team since its inception.

– Bezos said he will stay engaged in important Amazon projects but will also have more time to focus on the Bezos Earth Fund, his Blue Origin spaceship company, The Washington Post and the Amazon Day 1 Fund.

Amazon CEO Jeff Bezos will step down later this year, turning over the helm to the company’s top cloud executive Andy Jassy, the company announced Tuesday. Bezos will transition to executive chairman of Amazon’s board.

Bezos founded Amazon in 1994 and since then has morphed it from an online bookstore into a mega online retailer that sells and delivers all sorts of products all over the world. In January of last year, Amazon surpassed a $1 trillion market cap under Bezos’ leadership. It’s now worth more than $1.6 trillion. 

Amazon had kept its succession plans quiet, though pundits speculated that Jassy would be his successor…

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Amazon also reported its financials today, more here (by Seeking Alpha): “Amazon EPS beats by $6.96, beats on revenue“. Stock little changed in after-hour trade.

Now read this: “Amazon reports blowout quarter, Jeff Bezos stepping down as CEO“.

Busy day for BABA too: “Alibaba beats quarterly revenue estimates“.

(Unrelated yet good to know trend-wise: “Google parent Alphabet quarterly sales beat estimates“.)

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