Amazon begins new chapter as Jeff Bezos palms over CEO position

Amazon founder Jeff Bezos stepped down as CEO on Monday, handing over the reins as the corporate navigates the challenges of a world preventing to emerge from the coronavirus pandemic.
Andy Jassy, who ran Amazon’s cloud-computing enterprise, changed Bezos, a change the corporate introduced in February.
Bezos, Amazon’s largest shareholder with a stake value about $180 billion, will nonetheless maintain sway over the corporate he began out of his Seattle storage in 1995. He takes over the position of government chair, with plans to give attention to new merchandise and initiatives.
Jassy takes the helm of a $1.7 trillion firm that benefited drastically from the pandemic, greater than tripling its income within the first quarter of 2021 and posting document income as clients grew ever extra depending on on-line purchasing.
At the identical time, Amazon faces activism from a restive workforce simply as a speedy financial restoration causes a labor crunch that has retailers, producers and different firms competing for staff with larger wages and different advantages. The firm defeated an try by staff to unionize at an Alabama warehouse earlier this 12 months, however faces a extra formidable problem because the International Brotherhood of Teamsters launches a broader effort to unionize Amazon staff.
In a weblog put up to workers earlier this 12 months, Bezos stated he deliberate to commit extra time to facet tasks, together with his house exploration firm Blue Origin, his philanthropic initiatives and overseeing The Washington Post, which he owns.
First up, the richest man on the planet by Forbes’ estimate will fulfill his childhood dream of touring to house. Bezos, 57, will blast into house on July 20 when Blue Origin makes it first flight with a crew, bringing alongside his youthful brother Mark, an investor and volunteer firefighter.
Bezos based Amazon as a web-based bookstore and constructed it right into a purchasing and leisure empire that’s the second-largest non-public employer within the U.S., behind Walmart. Amazon, which is shopping for the MGM film studio in its newest main acquisition, now makes motion pictures and sofas, owns a grocery chain and has plans to ship satellites into house to beam web service to Earth.
Jassy, who has been with Amazon since 1997, ran the cloud-computing enterprise that powers video-streaming web site Netflix and plenty of different firms, making it one in all Amazon’s most worthwhile companies.
Among Jassy’s challenges are rising requires tighter regulation on tech giants. A report by the House Judiciary Committee in October known as for presumably breaking apart Amazon and others, making it tougher for them to accumulate firms and imposing new guidelines to safeguard competitors.