Amazon investors take Jeff Bezos exit in stride
Amazon ‘in great shape,’ seeing ‘lots of growth’ despite pandemic costs: Constellation Research founder
Constellation Research Founder Ray Wang discusses how Amazon has remained a dominant company during the coronavirus pandemic, as its CEO Jeff Bezos announces he is stepping down.
Amazon Inc. investors were on Tuesday evening surprised with news that CEO Jeff Bezos would later this year step aside to become executive chairman.
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Shares of the Seattle-based e-commerce giant were little changed Wednesday despite the news of the billionaire's exit as investors wagered the Amazon founder could still have an influence on operations. Amazon stock was holding just below record highs.
AMAZON'S BEZOS EXPLAINS WHY HE IS STEPPING ASIDE
“It is not clear to us that Mr. Bezos will actually withdraw from day-to-day oversight of the business,” wrote Michael Pachter, analyst at Wedbush Securities. “We expect him to continue to be integrally involved in company strategy.”
AMAZON CEO JEFF BEZOS MAY STEP DOWN WITHOUT STEPPING AWAY
Bezos, who has been chief executive since he founded the company in 1994, grew Amazon into a $1.7 trillion e-commerce behemoth. The company was a $570 million online book retailer following its 1997 initial public offering.
This year, shares were up 3.78% year to date through Tuesday compared with the S&P 500’s 1.87% gain and have gained 65% during the past 52 weeks.