Jeff Bezos is the face of Amazon.com, Inc. AMZN. But working quietly behind the scenes was Kurt Zumwalt, Amazon's global treasurer who quit his post after 15 years, CNBC reported.
What Happened
Zumwalt's LinkedIn page says he "built and scaled" Amazon's treasury department, which he oversaw as the company grew from $5 billion in revenue to more than $200 billion. CNBC noted his LinkedIn page indicates his employment at Amazon ended in August 2019.
CNBC spoke with people familiar with matter who asked not to be named.
The executive led a team of global workers and oversaw relationships with more than 45 banks across the world. He boasted in a recent interview the size and scale of Amazon's cash balance is similar to that of a "financial institution."
Why It's Important
His departure from Amazon's top ranks comes at an important time for Amazon on three fronts, according to CNBC.
Amazon is looking to navigate through macro uncertainty due to the trade war with China and potential tariffs. The tech company is seeing more regulatory scrutiny related to its business practices. Third and perhaps most important, Amazon is entering a fresh round of heavy investment cycle in its delivery infrastructure.
Zumwalt may have already been replaced with Tony Masone who joined Amazon as assistant treasurer in 2016, according to CNBC. His LinkedIn profile states he now holds the title of treasurer.
Amazon's stock closed Monday's session at $1,768.87 per share.
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