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EcommerceBytes-NewsFlash, Number 2560 - June 08, 2011 - ISSN 1539-5065    1 of 4

Amazon.com Holds Annual Meeting and Presentation to Shareholders

By Ina Steiner
June 08, 2011

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Amazon.com founder and CEO Jeff Bezos told shareholders the unusual thing about the company's $34.2 billion in sales last year was the growth rate of 40%. He said that growth rate was not something CEOs accomplish. "This is something a broad team of people, working very hard, for a long number of years, accomplishes."

Bezos was speaking to shareholders after its annual meeting on June 7, 2011, at the Seattle Art Museum after they had approved the company's four agenda items and voted against two shareholder proposals, which the Board had recommended voting against. (The proxy statement is found on the SEC website.)

Bezos reviewed Amazon's initiatives in 2010, including expansion into Italy and the addition of new categories into existing geographies and addition of millions of unique items into existing categories; the acquisition of Diapers.com's parent company Quidsi; the launch of private-sale fashion website MyHabit.com; the introduction Amazon Cloud Drive and its music Cloud Player; its Android App Store; and the introduction of streaming video for Amazon Prime members.

He also spoke about ongoing work including Amazon's FBA fulfillment service for third-party merchants, its "frustration-free packaging," its AWS business for third-party developers, and the Kindle ebook reader.

Bezos said the third-party seller business continued to do exceedingly well, with more than 30% of the units sold on Amazon sold by third parties, and he described the advantages of FBA to sellers and consumers (see bookseller and author Steve Weber's take on this on his Selling Books blog).

Bezos also said Amazon sees many winners in the cloud business but made it clear he wants to win the top spot in eBooks - see coverage in this article - and opened up about his role at the company - see coverage in this article.

About the author:

Ina Steiner is co-founder and Editor of EcommerceBytes and has been reporting on ecommerce since 1999. She's a widely cited authority on marketplace selling and is author of "Turn eBay Data Into Dollars" (McGraw-Hill 2006). Her blog was featured in the book, "Blogging Heroes" (Wiley 2008). Follow her on Twitter at @ecommercebytes and send news tips to ina@ecommercebytes.com.

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