Since its foundation on the 5th July 1994, Jeff Bezo, CEO of Amazon just 27 years ago, formally retired from the position.
Now, jassy is listed as the company’s CEO on their Investor relations website, after running the Amazon Web Services since 2003, and Bezos, as Executive Chair of the firm. The July 5thhandover date was initially announced in a shareholder meeting in May.
Amazon having the same CEO for its whole life, this is an important occasion. The dot-com bubble, which broke in the late 1990s into one of the most important technological firms in the world under Bezos leadership, survived.
Amazon is presently dominating online trade in the USA and Europe all thanks to Amazon Web Services,serving as a backbone to much of the modern web.
THE END OF A 27-YEAR TENURE
After graduating from Harvard Business School in 1997 Bezos’ successor Andy Jassy joined the firm and lead AWS from its inception in 2003. In 2016, he was formally appointed CEO of the Division.
By the end of 2020, according to Synergy Research, which combines almost as closely as its close rivals Microsoft and Google, AWS owned roughly one third of the whole cloud computing industry. The journey of Jassy is similar to that of Satya Nadella, current Microsoft CEO, who formerly led the Azure cloud firm.
Although Amazon has achieved a spectacular share price under Bezos’ leadership, its labor policies have been the target of continued criticism, not to mention the former CEO’s extraordinary wealth.
The companies’ high productivity objectives have been physically affected by warehouse workers and supplier drivers and lately in an investigation by ProPublica, Bezos allegedly did not pay federal income tax in 2007 or 2011.
Bezos hands over Jassy an ambitioned firm that goes far beyond electronic books. E-commerce and cloud computing giant is also a firm ready to make large bets on new economic sectors.
Thanks to its variety of products from Kindle, Echo, Ring, and Eero to general consumer items under the Amazon Basics Label, Amazon is a considerable consumer technology company. After it has purchased Whole foods and launched its own Amazon Go and Amazon Fresh shops, it has an expansive presence in physical retail. And lately with the purchase of MGM, the film and TV business for $8.45 billion, it acquired the largest entertainment investment ever.
There is also Amazon Music and the section of video games, which Jassy previously supported despite its rough history, And, don’t forget about health and fashion investments.
The scale and operations of Amazon have been scrutinized worldwide by antitrust officials. In the context of his antitrust probe last year, Bezos was one of the Big Tech CEOs who testified before Congress.
Amazon, however, has lately been accused in Europe of misuse of marketplace data after a business second Antitrust Inquiry was launched by the European Union.
According to Bloomberg, as the richest man in the world, Bezos will not soon become obscure. He remains Executive Chairman Amazon, saying that he will “stay committed to important initiatives of the Amazons,” and that he plans to spend more energy and money in other initiatives, including foundations of the Day One Fund, the Bezos Earth Fund, the Washington Post and his space company Blue Origin.
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