Amazon founder and current CEO Jeff Bezos will be transitioning to Executive Chair of the company’s board sometime in Q3 of this year, with current AWS CEO Andy Jassy taking over the top executive role at the commerce company. Amazon announced the news alongside its earnings results on Tuesday.
Amazon initially rose after-hours as the market digested both the company’s earnings and its CEO news. The company beat on both earnings per share, and revenues. That makes it hard to untangle the market’s response to its busy set of announcements.
For reference, Amazon crushed earnings-per-share and revenue expectations in Q4 2020. So, any investor worried about the exit of Bezos from the CEO chair were given some measure of of performance-based amelioration.