Jeff Bezos announced that he would be stepping down as Amazon CEO in the third quarter of this year, as the company reported a record quarter and year on Tuesday.  Bezos will be replaced by Andy Jassy, who currently runs Amazon’s cloud business, Amazon Web Services, and take the new role of Executive Chairman.  Bezos founded the company in 1994 and has run the company ever since.

Although Amazon is facing new regulatory challenges, its sales and profits are setting records.  Sales in Q4 topped $100 billion in a single quarter for the first time, hitting $125.6 billion, up 44% from $87.4 billion in the same period in 2019.  Sales for the year were up 38% to $386.1 billion, with net income of $21.3 billion, nearly double 2019’s.