© APAmazon chief Jeff Bezos founded the company in 1994 - AP
Amazon has announced that its founder Jeff Bezos, one of the world's richest people, will be replaced as chief executive this year.
Mr Bezos will transition to an executive chairman role in the third quarter of 2021, Amazon said. He will be replaced by Andy Jassy, the head of the company's successful cloud computing division.
Mr Bezos, worth almost $200bn, has intensified interests in other areas, including his rocket company Blue Origin and philanthropic climate work, in recent years.
"Right now I see Amazon at its most inventive ever, making it an optimal time for this transition," Mr Bezos said in a quote accompanying its quarterly results.
It came as the company posted record sales, crossing $100bn in a single quarter for the first time as it benefited from lockdowns that have pummelled physical retailers.
The US giant revealed revenues of $125.6bn in the three months to the end of December, a 44pc year-on-year rise, as it profited from unprecedented levels of online shopping during the pre-Christmas period.
Passing $100bn in quarterly sales, days after Apple also passed the milestone for the first time, puts Amazon in a select group of corporate giants including Walmart and ExxonMobil, after a year of rapid growth in which it has invested billions to stay ahead of rivals. It means the company has grown tenfold in the last decade, having first reported sales above $10bn in the same quarter a decade earlier.
Amazon's growing size, which has seen Mr Bezos vie with Elon Musk for the title of world's richest person with a $188bn fortune, has brought new scrutiny amid fears the company is taking advantage of workers and unfairly harming suppliers.
More to follow...
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