Amazon's Jeff Bezos to pass on CEO mantle to Andy Jassy

“Amazon is what it is because of invention. We do crazy things together and then make them normal. We pioneered customer reviews, 1-Click, personalised recommendations, Prime’s insanely-fast shipping, Just Walk Out shopping, the Climate Pledge, Kindle, Alexa, marketplace, infrastructure cloud computing, Career Choice, and much more,” said Bezos while announcing the decision along with Amazon's financial results for the fourth quarter ended December 31, 2020.

“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,” added Bezos.

For the full year 2020, Amazon's net sales increased 38 per cent to $386.1 billion, compared with $280.5 billion in 2019. Excluding the $1.4 billion favourable impact from year-over-year changes in foreign exchange rates throughout the year, net sales increased 37 per cent compared with 2019. Operating income increased to $22.9 billion, compared with operating income of $14.5 billion in 2019. Net income increased to $21.3 billion, or $41.83 per diluted share, compared with net income of $11.6 billion, or $23.01 per diluted share, in 2019.

Fibre2Fashion News Desk (RKS)