Jeff Bezos, the founder of the world's biggest online retailer, is stepping down as CEO of Amazon.
The ecommerce magician will "transition" to the role of executive chair in the third quarter of 2021.
Andy Jassy, the CEO of Amazon Web Services, will become CEO.
The announcement was made as Amazon posted December quarter results. Net sales increased 44% to $US125.6 billion in the three months, compared with $US87.4 billion in fourth quarter 2019.
Over the year to December, net sales increased 38% to $US386.1 billion, compared with $280.5 billion in 2019.
Amazon reported a 66% jump in advertising revenue to almost $US8 billion in the December quarter. The year-on-year rise to $US7.95 billion compares to $US5.4 billion generated by “other” -- most advertising services -- in the September quarter.
“Amazon is what it is because of invention," sasy Bezos.
"We do crazy things together and then make them normal. We pioneered customer reviews, 1-Click, personalized recommendations, Prime’s insanely-fast shipping, Just Walk Out shopping, the Climate Pledge, Kindle, Alexa, marketplace, infrastructure cloud computing, Career Choice, and much more.
“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.”
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