Monday, December 4, 2023

Jeff Bezos will step down as Amazon CEO Officially on July 5th

Amazon founder Jeff Bezos will officially step down as CEO on July 5. He announced at the company’s annual general meeting on Wednesday. Bezos will hand over control to Andy Jesse, who currently runs Amazon Web Services, after nearly three decades. The leading internet giant who made him one of the richest people in the world. Bezos becomes CEO of Amazon.

The company first announced a leadership change in its February earnings report. Saying Jassy would take over the business in the third fiscal quarter. Previously, Amazon has not disclosed the exact date of the switch.

“We chose this date because it was sentimental to me, on the day the Amazon was founded in 1994, 27 years ago to be precise,” Bezos said Wednesday at Amazon’s annual general meeting.

Amazon announced in February that Bezos would step down later this year. Bezos will become CEO of Amazon and expected to spend more time on initiatives such as the Bezos Earth Fund, spacecraft company Blue Origin, the Washington Post, and the Amazon Day 1 Fund.

The company remains tight-lipped about old plans although viewers speculate that Jesse or Jeff Wilk, who stepped down as Amazon’s global head of business last August, will be Bezos’s successors.

Bezos originally announced plans to retire in February after his online bookseller grew into a massive online retail platform. This is over the decades as the company hit $ 1 trillion in market value in 2018.

Andy Jassy Working Background

Andy Jassy, who has worked at Amazon since 1997, founded the AWS Cloud Computing Division 18 years ago. Right now it’s Amazon’s most profitable segment. Over the full year 2020 AWS generate $ 45.3 billion in revenue, up 30%. He achieve a 30% operating margin (up from 5.9% for the company as a whole).

Also attending Wednesday’s meeting were Jennifer Bates and Daryl Richardson, organizers of the losing union campaign at Amazon’s warehouse in Bessemer, Alabama, as they voiced concerns about worker safety and hiring practices.

They also submitted a proposal asking Amazon to elect warehouse workers on the board of directors and assess their impact on racial justice.

The proposal and nine others did not receive a majority despite support from a shareholder advisory firm.

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