Amazon’s CFO Is Stepping Down Next Summer

Amazon’s chief financial officer is retiring after more than 12 years on the job, the company said Wednesday. Thomas Szkutak, who took over as CFO in October 2002, will retire from the online retailer in June 2015. He will be succeeded by Brian Olsavsky, Amazon’s current vice president of finance for the company’s global consumer business. Prior to joining Amazon in 2002, Olsavsky worked as an executive at General Electric.

With Szkutak at the financial helm, Amazon has vastly increased its revenues as it has offered more products for sale and expanded the appeal of its Prime membership with perks like streaming movies and music. But the company has also been racking up losses in recent quarters as its ambitions have outstripped its sales. The company posted a net loss of $126 million in the most recent quarter, up from a $7 million loss a year prior. Amazon’s stock has sagged this year as investors search for proof that CEO Jeff Bezos can one day turn his vast business into a profitable one.