Local News

Amazon CEO Jeff Bezos to move to role of executive chair in third quarter

(Reuters) — 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 $125.56 billion in the fourth quarter ended Dec. 31 from $87.44 billion, beating estimates of $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.

This is a developing story; refresh for updates.