Jeff Bezos To Step Down As Amazon CEO

Amazon founder Jeff Bezos will step down as CEO in the third quarter and switch to executive chair of the board, the company said late Tuesday. He will be replaced by Andy Jassy, now chief of the company’s AWS cloud services unit. The news comes as the e-commerce giant also reported that fourth quarter net sales rose 44% to $125.6 billion, as full-year net sales rose 38% to $386.1 billion. On the retail side, quarterly product sales rose to $71 billion from $50.5 billion a year ago, and for the full year rose to $215.9 billion from $160.4 billion in 2019. Read more at Retail Dive.