Amazon CFO Szkutak to retire in June

Reuters News
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Posted: Sep 03, 2014 9:00 AM

(Reuters) - Amazon.com Inc said its chief financial officer, Thomas Szkutak, will retire in June 2015 amid growing investor ire over the company's increased spending and lack of profit.

Brian Olsavsky, vice-president of finance for the company's global consumer business, will succeed Szkutak and report to founder and Chief Executive Jeffrey Bezos, the online retailer said.

Amazon has been facing scrutiny as it spends billions of dollars to expand its network of warehouses, build up its business in China and India, and to buy digital content to help its Prime online video service take on Netflix Inc.

In the first half of the year, the company's spending indicates it has been developing everything from mobile phones and Hollywood-style production to grocery deliveries.

Amazon also faces increasing competition from Alibaba Group Holding Ltd, which handles more e-commerce than Amazon and eBay Inc combined, as it poises to make its market debut this month.

Last month, the company posted a larger-than-expected loss after heavy spending in digital content and consumer electronics.

Amazon's shares were down 0.8 percent at $339.6 in early trading.

Szkutak, 53, joined the company as CFO in October 2002, while his successor joined earlier that year.

Most of the top officials in Amazon have been working with Bezos for more than 10 years.

(Reporting by Abhirup Roy and Anya George Tharakan in Bangalore; Editing by Saumyadeb Chakrabarty and Maju Samuel)