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Amazon founder Jeff Bezos stepped down as CEO on Monday, relinquishing the reins as the company addresses the challenges of a world struggling to emerge from the coronavirus pandemic.
Andy Jassy, who ran Amazon’s cloud computing business, replaced Bezos, a change for the company announced in february.
Bezos, Amazon’s largest shareholder with an estimated $ 180 billion stake, will still have his grip on the company he created in his Seattle garage in 1995. He takes on the role of executive chairman, with intend to focus on new products and initiatives.
Jassy takes over as head of $ 1.7 trillion company that has benefited greatly from the pandemic, more than tripling profits in the first quarter of 2021 and posting record revenues as customers become increasingly dependent on purchases online.
At the same time, Amazon faces the activism of a restless workforce, just as a rapid economic recovery is causing a labor shortage that is forcing retailers, manufacturers and other businesses to fighting over workers with higher wages and other benefits.
The company overcame a workers’ attempt to organize in an Alabama warehouse earlier this year, but faces a more formidable challenge as the International Brotherhood of Teamsters launches a larger effort to organize Amazon workers.
Bezos also gained attention last month after a report by investigative news group ProPublica, citing documents leaked by the IRS, said he paid a “real tax rate” of only 1.1% as his wealth jumped $ 127 billion between 2006 and 2018.
In a blog post to employees earlier this year, Bezos said he plans to devote more time to side projects, including his space exploration company Blue Origin, philanthropic initiatives and overseeing the Washington Post, which he owns.
“We did some crazy things together, then made it normal,” Bezos wrote, describing a list of Amazon innovations: “Customer Reviews, 1-Click, Personalized Recommendations, Prime’s Incredibly Fast Shipping, Just Walk Out Shopping , Climate Pledge, Kindle, Alexa, Marketplace, Cloud Computing Infrastructure, Career Choice and more. ”
First of all, the richest person in the world according to Forbes estimate will fulfill their childhood dream of traveling to space. Bezos, 57, is going explode in space on july 20 when Blue Origin’s New Shepard rocket makes its first flight with a crew, bringing its younger brother Mark, investor and volunteer firefighter.
Bezos, estimated to be worth $ 200 billion, will travel with the rest of the crew more than 60 miles above the planet’s surface in suborbital space.
Bezos founded Amazon as an online bookstore and turned it into a shopping and entertainment empire that is the second-largest private employer in the United States, behind Walmart. Amazon, which buys the MGM movie studio in its latest major acquisition, now makes films and sofas, owns a grocery chain, and plans to send satellites into space to transmit internet service to Earth.
Jassy, who has worked at Amazon since 1997, ran the cloud computing company that powers the video streaming site Netflix and many other companies, making it one of Amazon’s most profitable businesses.
Among Jassy’s challenges are growing calls for tighter regulation from tech giants. A report by the House Judiciary Committee in October called for possibly breaking down Amazon and others, which makes it more difficult for them to acquire businesses and imposes new rules to preserve competition.
And while Bezos is stepping down, some analysts expect him to continue to play a key role in driving Amazon’s direction. Neil Saunders, managing director of research firm GlobalData, expects the entrepreneur to stay involved, especially in helping the company stay innovative.
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