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The world’s richest man, judging by his stake in Amazon, said he would take over as CEO of the company in the third quarter, handing over the CEO role to Andy Jassy, current head of Amazon Web Services.
The announcement came at a time when Amazon reported a very successful quarter, with profits more than doubled to $ 7.2 billion. Dollars and revenue increased 44 percent. up to $ 125.6 billion, as restrictive measures related to the COVID-19 pandemic have made online commerce popular around the world.
In a letter to Amazon employees, Bezos said that he would “continue to participate in important Amazon initiatives,” but that he intended to focus more on philanthropic initiatives, including his foundations Day One and Bezos Earth, and other space research companies and journalism.
“I have never felt more energy, it is not a retreat,” Bezos wrote.
“I am excited to see what impact I think these organizations can have,” added the businessman.
Bezes, 57, founded Amazon in his garage in 1994 and was able to grow the company into a giant dominating the online retail industry. The company’s activities are related to music and television streaming services, food, cloud computing, robotics, artificial intelligence and other areas.
The businessman also owns The Washington Post newspaper and the private space industry company Blue Origin.
His successor, Jassy, joined Amazon as head of marketing in 1997, and in 2003 he was tasked with creating a division of Amazon Web Services to provide cloud computing services. It is one of the most lucrative, albeit less well known, divisions of the tech giant.
“He will be a great leader, I have total confidence in him,” Bezos said.
“I believe that Amazon has more potential for innovation than ever, so this is the optimal time for such a transition,” added the businessman.
Wedbush analyst Dan Ives said that Amazon’s transfer to Jassy was “a huge step forward in strengthening the fight against cloud computing with rival Microsoft.”
Great development
During Bezes’s reign, Amazon has seen tremendous growth worldwide and increased profitability.
The company is based in Seattle, Washington, and is currently building a second headquarters outside of the United States capital.
Amazon’s market value was 1.69 trillion on Tuesday. USD: ten times more than a decade ago. The company is one of the most valuable in the world.
Besos’s personal wealth is estimated at about 196 billion. AMERICAN DOLLAR. This is slightly more than Tesla CEO Elonas Muskas, who has briefly become the richest man in the world.
Although Amazon guarantees its employees a minimum hourly wage of $ 15 and has invested billions in the fight against COVID-19, the company continues to receive criticism about working conditions in warehouses.
“Bezos’s company, founded nearly three decades ago, is being closely monitored,” said Maurice BP-Weeks, spokesman for the activist coalition Athena.
“Employees complain, go out, or focus on fighting deplorable working conditions. “Small businesses are joining forces to prevent Amazon’s anti-competitive practices,” said the activist.
The company employs more than one million people around the world, including 800,000 people in the United States.
Amazon and other big tech companies are currently in the limelight of antitrust enforcement in the US and other countries over dominance in key sectors of the economy. This dominance became even more pronounced with the onset of the COVID-19 pandemic.
Although Amazon has become a leading online trading powerhouse, Bezos rejects criticism of its dominance in the industry.
At a congressional meeting last year, he said Amazon accounts for less than 4 percent. retail costs in the US and that the company competes with “a plethora of retail competitors.”
The latest quarterly results showed the company was growing across all business segments, including cloud computing, as Amazon expanded its streaming media offering and grocery business.
Neil Saunders, an analyst at research firm GlobalData, said Amazon boosted sales during the pandemic “through its state-of-the-art logistics network,” but also faced increasing competition.
“Still, we believe that Amazon will be even bigger and stronger after the end of the pandemic,” the analyst said.
“We welcome the change in leadership simply because it will allow Jeff Bezos to focus more on innovation and new ideas,” he added.
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