Jeff Bezos was resigned as Amazon’s chief executive on Monday. It has been 27 years since Bezos founded the online giant in a West Bellevue garage.
Bezos has given up his day-to-day duties to Andy Jassy but will remain the company’s executive chairman.
Amazon evolved from an online bookstore startup to become the world’s biggest online retailer under Bezos. Bezos was able to guide the company through the dot-com boom that burst in the early 2000s. Rapid expansion that extended its influence far beyond Internet shopping.
Amazon commands large businesses in cloud computing and intelligent devices and grocery stores, filmmaking, and fashion brands.
He is the wealthiest man on the globe and told his employees earlier this year that he would give the reins over to Jassy to focus on other projects such as philanthropic pursuits to address climate change or Blue Origin’s space exploration company. Bezos has also stated that he plans to fly to outer space using a rocket built by Blue Origin within two weeks.
Bezos will be Amazon’s largest shareholder.
Brian Olsavsky was Amazon’s Chief Financial officer and stated that Jeff “is not going anywhere.” “It’s more a restructuring of who does what.”
Jassy, who joined Amazon in 1997, was the chief executive at Amazon Web Services. Amazon’s most lucrative division and powers large swathes on the Internet, such as Netflix, Facebook, Twitter, and others.
Amazon is at a critical moment with this transition. The shift to remote working during the pandemic was a boon for Amazon, which saw record profits as Americans who could not travel abroad shopped more online and required additional cloud computing resources.
However, those new fortunes are during times of increased pressure.
Amazon’s competition practices are under investigation by Congress, the Justice Department, and European regulators. Officials accuse Amazon of abusing its market position.
Amazon drivers and other workers complained about being mistreated and the inhumane working conditions at Amazon factories.
Brad Stone, a Bloomberg News senior editor who wrote two books about Amazon, stated that Bezos has an uncommon gift for problem-solving and focusing on many different issues simultaneously. However, empathy has never been his strength.
Jassy regards Bezos as his mentor. But, colleagues claim that he is more gentle-mannered and soft-spoken than Bezos.
Jassy will take over as CEO. Stone describes it as a challenge to bring out the best in Amazon’s business and make the company look more humble.
Stone stated that Jassy is taking over at a critical moment. “He inherits not just the huge success but all that it entails.”
Stone stated that Jassy’s appointment might be an attempt to change the perceptions of Amazon. A company that is an integral part of daily life, Stone says that it has elicited mixed feelings.
Stone said that Jassy needs to make Amazon more empathic and friendlier. “He must find Amazon‘s heart.”