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-decade, 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 as an earnings report of February changes, saying that Jassy will 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 data 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 has 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 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 get replaced by Adam Selipsky, the Tableau CEO, as the company, stated in March.
Early Wednesday, the news rose how MGM got brought 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 got raised after an antitrust lawsuit got 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.
“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 effort 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