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 largest shareholder with a stake value about $180 billion, will nonetheless maintain sway over the corporate he began out of his Seattle storage in 1995. He takes over the role of government chair, with plans to concentrate on new merchandise and initiatives.
Jassy takes the helm of a $1.7 trillion firm that benefited tremendously from the pandemic, greater than tripling its income within the first quarter of 2021 and posting document income as clients grew ever extra depending on on-line purchasing.
At the identical time, Amazon faces activism from a restive workforce simply as a speedy financial restoration causes a labor crunch that has retailers, producers and different firms competing for employees with increased wages and different advantages. The firm defeated an try by employees to unionize at an Alabama warehouse earlier this yr, however faces a extra formidable problem as the International Brotherhood of Teamsters launches a broader effort to unionize Amazon employees.
In a weblog publish to staff earlier this yr, Bezos mentioned he deliberate to dedicate extra time to aspect initiatives, together with his area exploration firm Blue Origin, his philanthropic initiatives and overseeing The Washington Post, which he owns.
First up, the richest man on the planet by Forbes’ estimate will fulfill his childhood dream of touring to area. Bezos, 57, will blast into area on July 20 when Blue Origin makes it first flight with a crew, bringing alongside his youthful brother Mark, an investor and volunteer firefighter.
Bezos based Amazon as a web based bookstore and constructed it right into a purchasing 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 films and sofas, owns a grocery chain and has plans to ship satellites into area to beam web service to Earth.
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 one in all Amazon’s most worthwhile companies.
Among Jassy’s challenges are rising requires tighter regulation on tech giants. A report by the House Judiciary Committee in October referred to as for probably breaking apart Amazon and others, making it tougher for them to accumulate firms and imposing new guidelines to safeguard competitors.