Top Amazon Financial Officer Leaves Company After 15 Years Amid Growing Regulatory Scrutiny – Report
AP Photo/ Ross D FranklinBusiness01:52 27.08.2019(updated 02:07 27.08.2019) Get short URL361
Kurt Zumwalt, Amazon’s global treasurer, has departed after 15 years of debt financing, managing company cash and overseeing investment, CNBC reported Monday, citing sources.
Zumwalt’s team spread across the United States, Luxembourg, and India and managed relationships with over 45 banks globally. Earlier this year, Zumwalt reportedly compared the scale of Amazon’s cash balance to that of a “financial institution”.
According to CNBC, citing people familiar with the matter, Zumwalt left the US-based shopping giant last week.
The company, which had a record $10 billion in net profit last year and is now sitting on over $40 billion of cash and equivalents, is entering another heavy investment cycle as it looks to make one-day delivery its default for Prime members, CNBC said.
Amazon is also currently dealing with macro uncertainty due to the ongoing trade war with China, global recession concerns, and growing regulatory scrutiny around its business practices, according to CNBC.
Zumwalt is reportedly the latest high-profile executive to exit Amazon, CNBC said. Last month, Jeff Blackburn, who was senior vice president of worldwide business development, announced a one-year leave beginning next year, shortly after Prentis Wilson, vice president of Amazon Business reportedly left the company.