Amazon Seeks Orderly CFO Transition As Szkutak Retires

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Amazon Seeks Orderly CFO Transition As Szkutak Retires
By Szk7788 (Own work) [CC BY-SA 3.0 or GFDL], via Wikimedia Commons

Amazon.com, Inc. (NASDAQ:AMZN) announced today that Chief Financial Officer Thomas Szkutak was retiring next June and will be replaced by VP Brian Olsavsky. The statement also mentioned that Olsavsky, currently the vice president of finance for Amazon’s global consumer business, will work closely with Szkutak over the next 10 months in order to assure a smooth transition.

Szkutak has been employed as the CFO since he first joined the company back in October 2002. Before that he had been employed as a senior exec at General Electric Co. As the CFO, Szkutak was responsible for the controller, treasury, investor relations, tax internal audit and facilities functions, as well as financial management of Amazon business unit.

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Statements from Amazon’s Szkutak and Bezos

“It’s been a privilege for me to work with so many talented people who are continually inventing on behalf of customers, and now I look forward to spending more time with my family and outside interests,” Szkutak commented in Wednesday’s press release.

Amazon.com, Inc. (NASDAQ:AMZN) chief executive Jeff Bezos said that the company has greatly benefited from Szkutak’s many years of exceptional work. Bezos specifically mentioned Szkutak’s accomplishments in both the category and geographical expansion of the company during his tenure.

“The day Tom joined the company was a very lucky one for Amazon’s sharehowners and customers and for all of us who’ve had the pleasure and fun of getting to work with him,” Bezos commented in the statement.

More on Brian Olsavsky

Szkutak also commented that had full confidence in Olsavsky’s ability to perform the complex CFO position, as he has “seen firsthand how talented he is.” Olsavsky came on board the e-commerce giant back in April 2002 as vice president of finance.

Amazon.com, Inc. (NASDAQ:AMZN) shares are trading down $1.24 at $341.14 as of 10:23 AM ET

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