Andy Jassy officially succeeds Jeff Bezos as Amazon CEO
Jeff Bezos, who has served as CEO of Amazon since the company was founded exactly 27 years ago on July 5, 1994, has officially stepped down. Andy Jassy is now listed as the CEO of the company on his investor relations site, having led Amazon Web Services since 2003, while Bezos is listed as executive chairman. The July 5 deadline had already been announced at a shareholders’ meeting in May.
This is an important moment for Amazon, which has had the same CEO for its entire existence. Under Bezos ‘leadership, the company survived the dot-com bubble burst in the late’ 90s to become one of the world’s largest tech companies. Amazon currently dominates online commerce in the United States and parts of Europe, and serves as the backbone of much of the modern web through Amazon Web Services.
Bezos’ successor, Andy Jassy, joined the company shortly after graduating from Harvard Business School in 1997, and has led AWS since the team was founded in 2003. He has been officially named CEO. of the division in 2016. At the end of 2020, AWS controlled around a third of the total cloud computing market, according to Synergy Research, which is about as much as its closest rivals Microsoft and Google combined. Jassy’s journey is similar to that of current Microsoft CEO Satya Nadella, who previously led the company’s Azure cloud business.
While Amazon’s share price has enjoyed remarkable success under Bezos’ leadership, its working practices, not to mention the ex-CEO’s extreme wealth, have come under sustained criticism. Warehouse workers and delivery drivers said the company’s high productivity goals have a physical impact on employees, and a ProPublica investigation recently alleged that Bezos did not pay any federal income tax in 2007 or 2011.
Bezos entrusts Jassy with a company whose ambitions go far beyond e-books. The e-commerce and cloud computing giant is also a company ready to make big bets on new areas of business. Amazon is a major player in consumer tech through its line of Kindle, Echo, Ring, and Eero devices, as well as general consumer goods under its Amazon Basics label. It has a growing presence in physical retail following its acquisition of Whole Foods and the launch of its own Amazon Go and Amazon Fresh stores. And when it comes to entertainment, it recently made its biggest acquisition of all time with the purchase of film and television company MGM for $ 8.45 billion. There is also Amazon Music and a video game division that Jassy has already expressed support for despite his rocky story. And don’t forget those investments in healthcare and fashion.
Amazon’s size and practices have caught the attention of antitrust regulators around the world. Bezos was one of the CEOs of Big Tech invited to testify before Congress as part of its antitrust investigation last year. Meanwhile, in Europe, Amazon was recently accused of abusing Marketplace data as the European Union announced a second antitrust investigation into the company.
As the richest man in the world, according to Bloomberg, Bezos isn’t going into obscurity anytime soon. He remains executive chairman of Amazon, where he said he “will remain engaged in important Amazon initiatives,” and also said he plans to devote more time and energy to other initiatives. such as the Day One Fund and Bezos Earth Fund foundations, The Washington Post newspaper and its space company Blue Origin.
In the immediate future, Bezos will fly to the edge of space aboard a rocket built by Blue Origin on July 20. The former Amazon CEO will be joined by his brother, Mark Bezos, on board the first crewed mission of the New Shepard ship. But Bezos is currently set to be beaten in space by rival entrepreneur and Virgin Galactic founder Richard Branson, who is due to be aboard the VSS Unity space plane for a test flight on July 11.