It’s all over the news that Jeff Bezos To Step Down As CEO. Amazon founder Jeff Bezos will step down because of the company’s chief military officer this summer. After quite a quarter-century at the helm of the retail, logistics, and tech powerhouse.
Bezos will become Amazon’s executive chairman and remain its biggest shareholder, the corporate said on Tuesday. He will fork over the CEO reins to Andy Jassy, the top of Amazon’s cash-cow cloud computing division.
Bezos has propelled the web bookseller he started in his Bellevue garage in 1994 into a behemoth worth $17 trillion employing over 13 million people. With physical stores, delivery trucks, Internet-connected cameras, a cloud business that props up the CIA. And enough paying subscribers to populate the ninth-largest country on Earth.
Jeff Bezos To Step Down As CEO
Jassy has been at Amazon for much of its existence and is one among Bezos’ most trusted lieutenants. He served within the coveted role of the CEO’s “shadow” technical. A task during which he accompanied Bezos to all or any of his meetings to find out the business in 2003.
After writing the first document that became the Amazon Web Services business plan, he has run the division since it formally launched in 2006. He said he planned to spend longer focused on philanthropy and other outside ventures.
Cloud computing is Amazon’s biggest profit center whilst the corporate continues to profit tremendously from pandemic-fueled online shopping. On Tuesday, Amazon reported yet one more record-setting quarter. With sales during the vacation season topping $125 billion.
Amazon Web Service (AWS)
AWS alone raked in $36 billion in operating profit, half the company’s total. In recent years, Bezos had already largely stepped back from day-to-day role managing Amazon’s business. He specializes in longer-term projects at the corporate and his outside projects including rocket company Blue Origin.
He did take a more hands-on approach during the first months of the pandemic last year. As demand for deliveries soared but also tested Amazon’s ability to stay up. Which sells cloud computing services to other companies. And also experienced surging demand as many of us and businesses realigned for remote work.
Amazon Current Transit
Amazon is additionally under growing scrutiny from regulators and lawmakers within the U.S. and Europe who worry about its market dominance. Last summer, Bezos faced his first congressional grilling as a part of the House Democrats’ investigation that concluded that Amazon, Google, Facebook, and Apple are all monopolies.
Tuesday’s announcement also came on an equivalent day as news that Amazon would pay over $61.7 million to settle the Federal Trade Commission’s charges that the corporate withheld some tips of its Flex delivery drivers’ over two and a half years. Amazon didn’t immediately answer an invitation for comment.