UK markets close in 4 hours 7 minutes
  • FTSE 100

    6,629.90
    +41.37 (+0.63%)
     
  • FTSE 250

    21,241.46
    +20.00 (+0.09%)
     
  • AIM

    1,190.44
    -1.73 (-0.15%)
     
  • GBP/EUR

    1.1571
    +0.0018 (+0.16%)
     
  • GBP/USD

    1.3920
    -0.0001 (-0.01%)
     
  • BTC-GBP

    35,051.65
    +598.82 (+1.74%)
     
  • CMC Crypto 200

    982.45
    -4.20 (-0.43%)
     
  • S&P 500

    3,901.82
    +90.67 (+2.38%)
     
  • DOW

    31,535.51
    +603.14 (+1.95%)
     
  • CRUDE OIL

    60.78
    +0.14 (+0.23%)
     
  • GOLD FUTURES

    1,727.40
    +4.40 (+0.26%)
     
  • NIKKEI 225

    29,408.17
    -255.33 (-0.86%)
     
  • HANG SENG

    29,095.86
    -356.71 (-1.21%)
     
  • DAX

    14,089.60
    +76.78 (+0.55%)
     
  • CAC 40

    5,825.90
    +33.11 (+0.57%)
     

Bezos to step down as CEO of Amazon this year

·1-min read
Amazon Founder and CEO Jeff Bezos, seen here at a 2019 conference, said he would transition to become executive chair of the tech giant later this year as Andy Jassy becomes CEO

Jeff Bezos said Tuesday he would give up his role as chief executive of Amazon later this year as the tech and e-commerce giant reported a surge in profit and revenue in the holiday quarter.

The company said Andy Jassy, who heads Amazon Web Services, would take over as CEO in the third quarter.

The announcement came as Amazon reported a blowout holiday quarter with profits more than doubling to $7.2 billion and revenue jumping 44 percent to $125.6 billion.

Bezos, who has become the world's richest person based on his stake in Amazon, said he will transition to the role of executive chair in the third quarter to hand over the CEO role to Jassy.

"Amazon is what it is because of invention," Bezos said in a statement.

"Right now I see Amazon at its most inventive ever, making it an optimal time for this transition."

Jassy joined Amazon as a marketing manager in 1997 and in 2003 founded AWS, the web division of the company which has been one of the most profitable but least-known units of the tech colossus.

bur-rl/st