On Wednesday, during the annual shareholder meeting of Amzaon, Jedd Bezos, the founder of Amazon, announced that on July 5, he will officially set down from his chief executive role.
The reins of this role will get handed down to Andy Jassy, the person who has been operating the Web Services of Amazon for nearly three decades and made him one of the richest people in the global.
What role will Jeff Bezos have?
He will become the executive chair of Amazon.
At first, Amazon announced the change in leadership in an earnings report of February changes, saying that Jassy would take over the Financial third quarter.
It is the first time that Amazon shared the exact date of the transition.
According to Jeff Bezos, it is a sentimental timing as July 5th is the date that Amazon started in 1994.
On Wednesday, Bezos said:
“I’m very excited to move into the [executive] chair role, where I’ll focus my energies and attention on new products and early initiatives.”
Moreover, in February, he said that he was looking forward to using more of his time to work on other ventures like Blue Origin and Earth Fund.
Jeff Bezos says that Jassy has been with the company for more than 24 years and with hard work rose to its most profitable division rank, and expects him to be an outstanding leader.
He said:
“He has the highest of high standards, and I guarantee Andy will never let the universe make us typical…He has the energy needed to keep alive in us what has made us special.”
Jassy’s top post at AWS will be replaced by Adam Selipsky, the Tableau CEO, as the company, stated in March.
Early Wednesday, the news arose about how MGM got bought by Amazon for $8.45 billion and Jassy will take over the complex and studied business.
During the meeting of the shareholders, Bezos git asked about the huge size of the business of Amazon.
This question was raised after an antitrust lawsuit was filed against the company on Tuesday by the District of Columbia.
They say that the company is abusing its market dominance in e-commerce to harm its competition.
Bezos said:
“I’d say we face intense competition from well-established companies everywhere we do business, in every industry…[Retail is] a very healthy industry, and it’s far from a winner-take-all situation.”
Furthermore, Bezos also states the newer bets of Amazon, like Amazon Care, Project Kuiper, and satellite internet efforts that Jassy will have to manage.
Jeff Bezos said:
“None of these ideas are guaranteed to work…All of them are gigantic investments and they’re all risks. … Our whole history as a company is about taking risks, many of which have failed and many of which will fail, but we’ll continue to take big risks.”Bottom of Form
Who is replacing Jeff Bezos as CEO of Amazon?
Over the past two years, Andy Jassy stepped into the role of Amazon’s chief executive, taking charge after Jeff Bezos. During this time, he’s been working on streamlining operations following the company’s robust expansion during the pandemic and the Bezos era.
What is the salary of Amazon CEO?
Amazon CEO Andrew Jassy’s pay takes a sharp drop, plummeting from $212 million to $1.3 million.
Why did Jeff Bezos quit CEO?
The planet’s wealthiest man, Bezos, informed his team earlier this year that entrusting Jassy with leadership responsibilities would free him up for other ventures. These include his philanthropic endeavors tackling climate change and overseeing Blue Origin, his space exploration company. Notably, Bezos is gearing up for a personal space voyage aboard a rocket crafted by Blue Origin in just two weeks.
Who is the highest-paid Amazon executive?
Leading the pack is AWS chief Adam Selipsky, raking in a whopping $41 million. His package includes a $317,000 salary and a hefty $40 million in stock awards. Amazon CFO Brian Olsavsky isn’t far behind, earning a cool $18.2 million. His package comprises a $314,000 salary and nearly $18 million in stock awards. These executives are making waves and banks, steering Amazon to new heights.
