Amazon gets investors ready for day when Jeff Bezos isn’t CEO

Deep in the risk factors section of its quarterly report, Amazon changed one word in describing the importance of its founder and CEO.

“We depend on our senior management and other key personnel, including Jeffrey P. Bezos, our founder, President, CEO, and Chairman,” the company said in its quarterly financial report Friday.

As recently as its annual report three months ago, the word “particularly” preceded Bezos’ name. It’s a subtle but important shift as Amazon prepares to hand over the reins to a new CEO for the first time in its 27-year history.

Amazon said in February that Bezos will step down as CEO in the third quarter, though he’ll retain the position of chairman. The company named Andy Jassy, head of Amazon Web Services, as his successor.

Bezos, the world’s richest person, has long been the only name referenced in the key persons section of its risk factors. Bezos founded Amazon in 1994 as an online bookseller and has since turned it into an e-commerce, software and media behemoth valued at more than $1.7 trillion.

Amazon’s stock is trading near a record on Friday, a day after quarterly revenue and earnings topped analysts’ estimates.

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