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Amazon's Bezos to step down from CEO role in third quarter

Amazon's Bezos to step down from CEO role in third quarter

FILE PHOTO: Amazon President, Chairman and CEO Jeff Bezos speaks at the Business Insider's "Ignition Future of Digital" conference in New York City, U.S., December 2, 2014. REUTERS/Mike Segar/File Photo

REUTERS: Amazon.com Inc on Tuesday beat estimates for holiday-quarter sales and said Jeff Bezos would move to the role of executive chair in the third quarter and be replaced by Amazon Web Services head Andy Jassy as chief executive officer.

Net sales rose to US$125.56 billion in the fourth quarter ended Dec. 31 from US$87.44 billion, beating estimates of US$119.7 billion, according to IBES data from Refinitiv.

Amazon was forced to move its two-day shopping event Prime Day, typically in July, to early October, contributing to its holiday sales numbers.

(Reporting by Akanksha Rana in Bengaluru and Jeffrey Dastin in San Francisco; Editing by Anil D'Silva)

Source: Reuters

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