Will See a Change

Sarang Ahuja’s latest post:

Amazon has long been the primary resource for online purchases.  They are still going strong but there have been some recent developments that have shown their finances aren’t looking as stellar as they used to be.  Worries of stretching the company too thin are mounting and the Seattle-based online store announced on September third that their Chief Financial Officer will be retiring in June.


Thomas Szkutak will be leaving the company after nearly 13 years come June and he will be succeeded by Brian Olsavsky who is a veteran of the company.

Chief Executive Officer and Founder of Amazon Jeff Bezos mentioned that customers have really profited from Szkutak and his expertise in geographical expansion has put the company in a place they didn’t know they would be.  This is according to the Wall Street Journal.

Szkutak, who has been with the company since 2002, had previously spent more than twenty years with General Electric Co. as there financial chief for their General Electric Lighting division.  The 53 year old applied his expertise in finance to Amazon through his decades of experience in working for Fortune 500 companies.  Now at 53 years of age, he is looking to transition to retirement.

Along with transition, Olsavsky will be working very close with Szkutak over the next 10 months to transition into the role as the CFO.  Brian Olsavsky has been with Amazon since 2002 as well when, in April, he joined as the vice president of finance.  The ten month transition period will see Szkutak pass along important knowledge to Olsavsky while simultaneously loosening his grip on the position.

Szkutak has mentioned that he is happy to pass along the job to the 51 year old Olsavsky and that he plans on spending more time with his family and friends while also pursuing other pursuits outside of the job.

Amazon, to combat the recent losses, has favored its innovative side to recover.  In 2014 alone they have released their own smartphone, hand-held grocery ordering device and have also introduced e-book rental with unlimited capabilities including streaming services.  Be sure to click here if you wish to see the report from the WSJ.

from Sarang Ahuja


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