Amazon gets investors ready for day when Jeff Bezos isn't CEO


Amazon CEO Jeff Bezos

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Deep within the danger components part of its quarterly report, Amazon modified one phrase in describing the significance of its founder and CEO.

“We rely on our senior administration and different key personnel, together with Jeffrey P. Bezos, our founder, President, CEO, and Chairman,” the corporate stated in its quarterly financial report Friday.

As lately as its annual report three months in the past, the phrase “particularly” preceded Bezos’ title. It’s a delicate however necessary shift as Amazon prepares handy over the reins to a brand new CEO for the primary time in its 27-year historical past.

Amazon stated in February that Bezos will step down as CEO within the third quarter, although he’ll retain the place of chairman. The firm named Andy Jassy, head of Amazon Web Services, as his successor.

Bezos, the world’s richest particular person, has lengthy been the one title referenced in the important thing individuals part of its danger components. Bezos based Amazon in 1994 as a web-based bookseller and has since turned it into an e-commerce, software program and media behemoth valued at greater than $1.7 trillion.

Amazon’s inventory is buying and selling close to a document on Friday, a day after quarterly revenue and earnings topped analysts’ estimates.

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