AWS CEO Andy Jassy Named New Amazon CEO, Replacing Bezos

AWS CEO Andy Jassy Named New Amazon CEO, Replacing Bezos

Amazon CEO Jeff Bezos speaks via video conference during a House Judiciary subcommittee hearing on antitrust on Capitol Hill on July 29.

Jeff Bezos, who founded Amazon as an online bookstore and built it into a shopping and entertainment behemoth, will step down later this year as CEO, a role he's had for almost 30 years, to become executive chairman, the company announced Tuesday.

Bezos will remain as the executive chair for Amazon's board of directors, where he'll focus on "new products and early initiatives".

Amazon Web Services boss Andy Jassy is on standby to replace him as the new chief executive. Bezos quickly determined that an online bookstore would resonate with consumers.

"As Exec Chair I will stay engaged in important Amazon initiatives but also have the time and energy I need to focus on the Day 1 Fund, the Bezos Earth Fund, Blue Origin, The Washington Post, and my other passions".

"Right now I see Amazon at its most inventive ever, making it an optimal time for this transition", he said.

"I don't think he's going to be completely hands off", CFRA analyst Tuna Amobi said of Bezos. Amazon announced the news alongside its earnings results on Tuesday. "It's more of a restructuring of who's doing what", he said during a Tuesday call with reporters.

Your 'searches' helped Google make billions of dollars
Cloud sales, also benefiting from the pandemic, were $3.83 billion, or $13.1 billion for the full year, up 46% from 2019. Investors hailed the news by driving up Alphabet's stock price by more than 7 percent in extended trading.

The incoming CEO of Amazon also spoke about Amazon Web Services - the subsidiary he heads, writing: "Nothing is changing in the short term as it relates to AWS".

Editor's note: Amazon is among NPR's recent financial supporters. "Among the long tail of small cloud providers or large companies with only a small position in the market, the most prominent companies are IBM, Salesforce, Tencent, Oracle, NTT, Baidu, SAP, Fujitsu and Rackspace".

"We pioneered customer reviews, one-click, personalised recommendations, Prime's insanely-fast shipping, just walk out shopping, the Climate Pledge, Kindle, Alexa, marketplace, infrastructure cloud computing, Career Choice, and much more".

Although it would be safe to say that Bezos has forgiven Jassy for his inadvertent transgression now, the long-time Amazon executive had made his first significant impression on the former during a "broomball" game at the company when he accidentally whacked Bezos with a kayak paddle.

This is no doubt a comfort for investors, who expressed their satisfaction with the orderly transition by resisting a panicked sell-off and keeping Amazon stock relatively flat in extended trading.

"Jeff Bezos' departure as CEO is a chance for Amazon to turn over a new leaf", said Robert Weissman, president of Public Citizen, an activist group that in Washington.

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