Amazon is hiring a CEO to lead its retail business, and Amazon CEO Jeff Bezos is making the hiring public.
The company announced the hiring Tuesday at its annual shareholders meeting.
Bezos has been in charge of Amazon since 2013.
The search giant is looking for a new chief executive who will lead the company’s retail business.
Amazon said the hiring is “critical” to its turnaround plans.
The chief executive will work with Bezos to help the company grow its global presence and compete with rivals like Walmart and Microsoft.
Bezos and Amazon have been fighting for years to build a bigger presence in the retail sector.
Bezos says he wants Amazon to become a “global leader” that will drive revenue growth.
The Seattle-based company has struggled with lower-than-expected revenue growth since Bezos took over as CEO in 2013.
Amazon’s stock price fell more than 20% in after-hours trading Tuesday, but it has rebounded.
Bezos, who has a net worth of $90 billion, said Amazon will hire a director to help with executive succession planning and make sure the company doesn’t run into trouble.
The CEO also said Amazon’s chief financial officer will take over as chief operating officer.
Bezos said the company will be launching a new program next year that will allow Amazon employees to participate in job fairs and other career opportunities, and he expects that program will help the firm boost its workforce.
He said Amazon is also working on a new “business development program,” which he described as a way for companies to “get to know the company better.”
The new chief will join the board of directors, which Bezos said is headed by a member of Amazon’s board of governors.
Bezos is the fourth person to be named Amazon’s CEO.
Amazon hired a new chairman last month after CEO Jeff Pendergast stepped down following a year-long battle with pancreatic cancer.