September 28, 2021

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Amazon begins new chapter as Bezos hands over CEO role – CT Insider

Ny (AP) — Amazon founder Jeff Bezos stepped down as CEO on Monday, handing over the reins As a Out.......

Ny (AP) — Amazon founder Jeff Bezos stepped down as CEO on Monday, handing over the reins As a Outcome of the agency navigates the problems of a world stopping to emerge from the coronavirus pandemic.

Andy Jassy, who ran Amazon’s cloud-computing enterprise, changed Bezos, a change The agency introduced in February.

Bezos, Amazon’s largest shareprimarytainer with a stake worth about $180 billion, will nonetheless primarytain sway over The agency he started out of his Seattle storage in 1995. He takes over the position of authorities chair, with plans To Confacetr new merchandise and initiatives.

Jassy takes the helm of a $1.7 trillion agency that benefited significantly from the pandemic, Greater than tripling its income Inside The primary quarter of 2021 and submiting doc income as clients grew ever extra Counting on on-line buying.

On 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 completely different corporations competing for staff with higher wages and completely different advertvantages. The agency defeated an try by staff to unionize at an Alabama warehouse earlier this yr, however faces a extra formidable problem as the Worldwide Brcompletely differenthood of Teamsters launches a broadverter effort to unionize Amazon staff.

In a weblog Undergo staff earlier this yr, Bezos said he deliberate to dedicate extra time to facet tasks, collectively with his space exploration agency Blue Origin, his philanthropic initiatives and overseeing The Washington Post, which he owns.

First up, the richest man On the earth by Forbes’ estimate will fulfill his childhood dream of touring to space. Bezos, 57, will blast into space on July 20 when Blue Origin makes it first flight with a crew, bringing alongside his youthful brcompletely different Mark, an investor and volunteer firefighter.


Bezos based Amazon as An interinternet-based mostly bookstore and constructed it Proper into a buying and leisure empire That is the second-largest private employer Inside the U.S., behind Walmart. Amazon, which is buying for the MGM film studio in its latest primary acquisition, now makes films and sofas, owns a grocery chain and has plans to ship satellites into space to beam internet service to Earth.

Jassy, who has been with Amazon since 1997, ran the cloud-computing enterprise that powers video-streaming website Netflix And a lot of completely different corporations, making it Definitely one of Amazon’s most worthwhile companies.

Amongst Jassy’s problems are rising Requires tighter regulation on tech giants. A report by The house Judiciary Committee in October referred to as for probably Breaking aside Amazon and completely differents, making it extra sturdy for them To accumulate corporations and imposing new guidelines to safeguard rivals.