CEO of Amazon
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Jeff Bezos Suddenly Steps Down as CEO of Amazon, Andy Jassy to take the Charge

Amazon Founder Jeff Bezos on Tuesday has announced to step back from the responsibility of CEO this year and will handle the post of executive chair. Andy Jassy to take charge from Cloud computing officer to CEO of amazon. The company started its third consecutive profit and quarterly sales of $100 billion for the first time ever.

Jeff Bezos
Jeff Bezos

Jeff Bezos journey started its journey 27 years ago and managed to grow business in online booksellers to $1.7 trillion global retail and logistics, which made Bezos the globe’s richest person. He said in his note that “As an executive chair, I will be connected to Amazon’s initiative. At the same course of the time and energy will be engaged in Day 1 Fund, the Jeff Bezos Earth Fund and Blue Origin, The Washington post and my other passions”

  • Day 1 Fund: the altruistic endeavour announced in September 2018 to distribute funds to charitable trusts to help refugees and set up the new venture of a non-profitable tier. Also one preschool in a lower income group community.
  • Blue Origin: Blue origin is Bezos’s space company. His aim is to explore space low-cost with recyclable launched vehicles. Company target on rocket-powered vertical takeoff and vertical landing (VTVL) vehicle for access to suborbital and orbital space. Blue origin is currently on a mission for testing rocket and moon lander known as blue Moon, planning to launch in 2024.
  • Jeff Bezos earth fund: As a philanthropist, Jeff Bezos promised to give away $10 billion to the scientist, charitable trust and other groups of activists who are on the mission to secure the environment to oppose the effects of climatic change like global warming. He chose his first 16 receivers, a total amount of $791 million was handed over to them in November.
  • The Washington Post: Bezos takeover the paper for $250 million in 2013. Recently the company is ruled by Nash Holding LLC and Bezos has the keys to the company. Bezos’s main aim was to shift the focus from Post to Digital worldwide.

Andy Jassy: A Successor – CEO of Amazon

Andy Jassy has a Masters in Business Administration from Harvard business school and joined Amazon in 1997. Andy Jassy is the creator of Amazon Web Services (AWS) and has brought innovation in cloud platforms by millions. In middle, Andy Jassy’s AWS fell like a leaf and breaking the expectations. The Cloud computing department revealed its quarter with ViacomCBS and BMW group. The earnings stated $12.7 billion, a shortfall of $12.8 billion, projected by analysts. The CEO control will be turned over by Jeff Bezos to Andy Jassy, the head of the monetary cloud storage division of Amazon and someone who has been at Amazon for most of its lifetime.

Andy Jassy
Andy Jassy

Andy Jassy is one of the most closest associates of Bezos, and he was generally considered as his replacement, because he was named the professional “shadow” of the CEO where he had to follow Bezos back in 2003 to all his meetings.Jeff has named Andy Jassy as a successor as he has closely watched the success and failure of the company, where Andy Jassy has developed AWS and brought profit in previous year.

Net massive profits by CEO of Amazon

Amazon stated its quarterly report showing net sales rising  to $125.6 billion, making it the world’s largest online shopping platform which is higher than projected by Wall Street analyst i.e $119.7 billion. Net earnings of quarter strike $7.2 billion, double than expected by Wall Street analyst i.e $3.7 billion.

On Tuesday, when IPO price closed, Amazon’s stock climbed 225,233% under the leadership of Jeff Bezos, forwarding the company market cap to $1.7 trillion. Jeff was happy to see the gain achieved through the pandemic: His net earnings raise $194.9 billion, stated in Bloomberg data. The main income is generated from Amazon itself, of which he has 53.2 million shares on his name and 10.6% of shares outstanding.

The firm issued $386 billion (£283 billion) sales in the year 2020, higher 38% than 2019. Profit raised to $21.3 billion. In 2002, he made his debut in Fortune 500 and was ranked 492, where in 2020 he has been ranked second.

Higher public Appearance by CEO of Amazon

Amazon recruits 1.3 million candidates across the globe. Also, is a multi-tasker from package delivery and prime membership to cloud services and ad hoc.

Jeff Bezos was honoured in the list of Forbes top billionaires i.e $196.2 billion, awarding him as the richest man but recently Tesla founder Elon Musk is world’s richest man.

Amazon achieved massive progress previous year due to pandemic. Pandemic brought a provoke to online shopping. The coup comes as Bezos has achieved an amazing public appearance.

Pandemic: Growth for Amazon

Since the pandemic outbreak in the US, consumers are dependent on online shopping from Groceries to medical supplies. Small Retails shops have shut down as Jeff Bezos lead Amazon becomes the world largest online platform for retail shopping. Amazon hired 400,000 employees to stay connected with consumers in need and made a record break profit.

The Chief financial officer Brian Olsavsky stated to the reporter that the expense connected with the pandemic outbreak was expected in the first quarter was $2 billion, down from $4 billion in the fourth quarter, Another profit was gained by extending the holiday shopping season of  Amazon’s marketing event prime day from July to October.

What do you think?

Siddhi Bhanushali

Written by Siddhi Bhanushali

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