Amazon CFO to retire - 8 News NOW

Amazon CFO to retire

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NEW YORK (AP) - Amazon.com says its chief financial officer, Thomas Szkutak, will retire after 12 years on the job in June 2015.

The e-commerce site says he will be replaced by Brian Olsavsky, vice president of finance for the company's global consumer business.

Szkutak and Olsavsky joined Amazon in 2002, Szkutak as CFO and Olsavsky vice president of finance.

Amazon founder and CEO Jeff Bezos said Szkutak helped the company expand into different product categories and geographies over the past 12 years, including Amazon Web Services remote computing services and the Kindle e-book reader.

Amazon has long focused on spending to grow and expand into new areas. But that comes at the expense of profit: the company's most recent quarterly report in July showed a deeper-than-expected second quarter loss despite surging revenue.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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