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Andy Jassy, who ran Amazon's cloud computing business, took over as the new chief executive officer of the company on July 5 as Jeff Bezos stepped down. The change was announced by the company in February. Bezos, Amazon's biggest shareholder with a stake worth about $180 billion, will still hold sway over the company as he takes over as executive chair, with plans focused on new products and initiatives.
Amazon immensely gained during the pandemic, more than tripling its profits in the first quarter of 2021 and posting record revenue as customers grew ever more dependent on online shopping.
Jassy, who has been with Amazon since 1997, ran the cloud computing business that powers video-streaming site Netflix and many other companies, making it one of Amazon's most profitable businesses.
The foreseeable challenges for Jassy include calls for tighter regulation on tech giants. A report by the House Judiciary Committee in October called for possibly breaking up Amazon and others, making it harder for them to acquire companies and imposing new rules to safeguard competition.
Bezos, in a blog post to employees earlier this year, said he planned to devote more time to side projects, including his space exploration company Blue Origin, his philanthropic initiatives and overseeing The Washington Post, which he owns.
Fibre2Fashion News Desk (DS)
Andy Jassy, who ran Amazon's cloud computing business, took over as the company CEO on July 5 as Jeff Bezos stepped down. The change was announced in February.Bezos, Amazon's biggest shareholder with a stake worth about $180 billion, will still hold sway over the company as he takes over as executive chair, with plans focused on new products and initiatives.