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Nairaland Forum / Nairaland / General / Business / Andy Jassy Takes Over As Jeff Bezos Steps Down As Amazon CEO (241 Views)
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|Andy Jassy Takes Over As Jeff Bezos Steps Down As Amazon CEO by yinkuscious(m): 10:24pm On Feb 03, 2021|
Jeff Bezos, Amazon CEO will be relieving himself of his post later this year as the company’s CEO, handing over to Andy Jassy, the company’s top cloud executive, based on the announcement made on Tuesday. The new development will see Bezos transitioning to Amazon’s board chairman.
Jeff Bezos, founded Amazon in 1994 and has since revolutionised the former online bookstore into a mega-retailer with global reach in different categories of products and services. Amazon surpassed a $1 trillion market valuation under Jeff’ management and leadership in January of 2020— current market valuation stands at over $1.6 trillion.
The company’s succession plan has been quiet, though speculated by onlookers that either Andy or Jeff Wilke, who is overseeing Amazon’s worldwide consumer business, would be Jeff’ successor. In August 2020, it was announced by Amazon that Wilke will be retiring in 2021. Jassy, will become CEO in the third quarter and he’s currently 53 years old.
Joining Amazon in 1997, Jassy has led Amazon’s Web Services cloud team since it started. AWS continues to generate large percentage of Amazon’s profit.
“I’m excited to announce that this Q3 I’ll transition to Executive Chair of the Amazon Board and Andy Jassy will become CEO,” Bezos stated in a letter to employees. “In the Exec Chair role, I intend to focus my energies and attention on new products and early initiatives. Andy is well known inside the company and has been with Amazon for as long as I have. He will be an outstanding leader, and he has my full confidence.”
The news was disclosed alongside an earnings report in which Amazon posted its first $100 billion quarter. AWS, under Andy, reported 28% revenue increase for the fourth quarter. As of October 2020, about 52% of Amazon’s operating income was attributed to AWS.
Amazon shares were about 1% up in Tuesday extended trading on the back of the earnings report and the C-suite news. So far in 2021, the company’s stock has gained about 4% and in the last 12 months has been up nearly 70%.
Brian Olsavsky, Amazon’s chief financial officer, on a media call said that the executive reshuffle was decided in consultation with the board of directors of Amazon. He further stated that Bezos will still be very involved and have his impact on lots of the company’s departments. Olsavsky stated that Jassy is a visionary leader who will be bringing his personal potential but that continuity is expected in the company in view of the transition.
Andy will be guiding the company through antitrust issues once he assumes his new position. In October 2020, after an investigation of about 16 months into competitive practices at big tech corporations that includes Amazon, the American House Judiciary subcommittee on antitrust concluded that monopoly power is been enjoyed by Amazon, Apple, Facebook and Google. Whereas, in the EU, Amazon is also facing antitrust issues.
Bezos buttressed that he will stay engaged in important projects at Amazon but will also have enough time to put his focus on the Bezos Earth Fund, his Blue Origin spaceship company, The Washington Post and the Amazon Day 1 Fund.
“As much as I still tap dance into the office, I’m excited about this transition,” Bezos said in his internal announcement. “Millions of customers depend on us for our services, and more than a million employees depend on us for their livelihoods. Being the CEO of Amazon is a deep responsibility, and it’s consuming. When you have a responsibility like that, it’s hard to put attention on anything else.”
|Re: Andy Jassy Takes Over As Jeff Bezos Steps Down As Amazon CEO by vincijr(m): 10:26pm On Feb 03, 2021|
Stepping down to re-strategize
|Re: Andy Jassy Takes Over As Jeff Bezos Steps Down As Amazon CEO by Bluntguy: 10:34pm On Feb 03, 2021|
Welcome to the billionaires club, Andy.
|Re: Andy Jassy Takes Over As Jeff Bezos Steps Down As Amazon CEO by Bluntguy: 10:36pm On Feb 03, 2021|
QRed:Who are you planning to succeed? Dangote
|Re: Andy Jassy Takes Over As Jeff Bezos Steps Down As Amazon CEO by BluePrincee: 11:47pm On Feb 03, 2021|
Which trademark? You are infringing on the BRed copyright/trademark and I am reporting you ASAP
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