Amazon begins new chapter as Bezos steps down, palms over CEO position to Andy Jassy

Amazon begins new chapter as Bezos steps down, hands over CEO role to Andy Jassy

2021-07-06 03:12:19

Amazon founder Jeff Bezos stepped down as CEO on Monday, handing over the reins as the corporate navigates the challenges of a world combating to emerge from the coronavirus pandemic.

Andy Jassy, who ran Amazon’s cloud-computing enterprise, changed Bezos, a change the corporate introduced in February.

Bezos, Amazon’s greatest shareholder with a stake price about $180 billion, will nonetheless maintain sway over the corporate he began out of his Seattle storage in 1995. He takes over the position of govt chair, with plans to give attention to new merchandise and initiatives.

Learn extra:
A take a look at the challenges going through Amazon’s new CEO after Bezos steps down

Jassy takes the helm of a $1.7 trillion firm that benefited significantly from the pandemic, greater than tripling its earnings within the first quarter of 2021 and posting report income as prospects grew ever extra depending on on-line buying.

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On the similar time, Amazon faces activism from a restive workforce simply as a fast financial restoration causes a labor crunch that has retailers, producers and different firms competing for staff with greater wages and different advantages. The corporate defeated an try by staff to unionize at an Alabama warehouse earlier this yr, however faces a extra formidable problem because the Worldwide Brotherhood of Teamsters launches a broader effort to unionize Amazon staff.

In a weblog publish to staff earlier this yr, Bezos mentioned he deliberate to commit extra time to aspect tasks, together with his house exploration firm Blue Origin, his philanthropic initiatives and overseeing The Washington Publish, which he owns.

First up, the richest man on this planet by Forbes’ estimate will fulfill his childhood dream of touring to house. Bezos, 57, will blast into house on July 20 when Blue Origin makes it first flight with a crew, bringing alongside his youthful brother Mark, an investor and volunteer firefighter.

Click to play video: 'Jeff Bezos invites brother to space on first crewed flight of rocket'

Jeff Bezos invitations brother to house on first crewed flight of rocket

Jeff Bezos invitations brother to house on first crewed flight of rocket – Jun 7, 2021

Bezos based Amazon as a web-based bookstore and constructed it right into a buying and leisure empire that’s the second-largest non-public employer within the U.S., behind Walmart. Amazon, which is shopping for the MGM film studio in its newest main acquisition, now makes motion pictures and sofas, owns a grocery chain and has plans to ship satellites into house to beam web service to Earth.

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Jassy, who has been with Amazon since 1997, ran the cloud-computing enterprise that powers video-streaming web site Netflix and plenty of different firms, making it certainly one of Amazon’s most worthwhile companies.

Amongst Jassy’s challenges are rising requires tighter regulation on tech giants. A report by the Home Judiciary Committee in October known as for probably breaking apart Amazon and others, making it tougher for them to amass firms and imposing new guidelines to safeguard competitors.

© 2021 The Canadian Press

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