Amazon founder Jeff Bezos has announced he will be stepping down as CEO — immediately after announcing a 38% increase in net sales for 2020.
The company is reporting that AWS CEO Andy Jassy will be replacing Bezos in Q3.
The transition will not happen until later in the year, at which time Bezos will take over as executive chairman of Amazon’s board.
“Amazon is what it is because of invention. We do crazy things together and then make them normal…,” said Jeff Bezos, Amazon founder and CEO. “If you do it right, a few years after a surprising invention, the new thing has become normal. People yawn. That yawn is the greatest compliment an inventor can receive. When you look at our financial results, what you’re actually seeing are the long-run cumulative results of invention. Right now I see Amazon at its most inventive ever, making it an optimal time for this transition.”
The announcement came attached to the company’s financial statement where a 38% hike in sales was reported to shareholders. The $386.1 billion in 2020 sales — obviously fueled by the pandemic — were more than $100 billion greater than fiscal 2019.
The company expects the gains to continue into 2021 with bold predictions for first quarter.
Net sales are expected to be between $100 billion and $106 billion, or to grow between 33% and 40% compared with first quarter 2020. This guidance anticipates a favorable impact of approximately 300 basis points from foreign exchange rates.