SAN FRANCISCO: Founder Jeff Bezos will step down as CEO and become executive chairman of Amazon.com Inc. on Tuesday, as the company posted its third record profit for the first time and a quarterly sales of over $ 100 billion for the first time. Reported.
This summer, Bezos, 57, will hand over the keys to the world’s largest online retailer to Andy Jassi, head of its cloud computing division. The announcement puts an end to the long-running question of who will succeed the company as the world’s second richest man.
According to the company’s website, Jassy, 53, joined Amazon in 1997 after Harvard Business School, founded Amazon Web Services (AWS) and expanded it to a cloud platform used by millions of people. While he was a clear contender for the top spot after Amazon reported two CEOs to Rolls-Royce, the other was with recently retired consumer CEO Jeff Wilke.
Tom Johnson, chief transformation officer at Mindshare Worldwide, said Jesse’s development underscored the importance of web services for Amazon’s future.
“Jessie’s background at AWS Steering shows the extent to which these services are on Amazon’s business strategy. It will be interesting to see how this affects their strategy and This priority is balanced by the growing advertising business and trade promotion.
He is known for his understanding of technical details, and regularly hires legacy players on Oracle Corporation and cloud rival Microsoft Corporation, whose sales continue to grow.
Led by Jesse, Amazon’s cloud business has signed major customers, including Verizon, McDonald’s and Honeywell. The division’s quarterly revenue has steadily doubled, boosting its position as a market leader.
One deal AWS failed to win was the Pentagon’s 10 10 billion “JEDI” deal, which was awarded to Microsoft.
Jessi has been named a rock star for the lead role at AWS’s annual Las Vegas conference, with more than 60,000 attendees speaking in 2019 after inspiring music before his talk.
Bezos, who started the company as an internet book seller 27 years ago, said in a note to employees posted on Amazon’s website, “As executive chair, I will continue to be involved in Amazon’s key initiatives, but I also need to focus on time and energy. First Day Fund, Bezos Art Fund, Blue Origin, The Washington Post, and My Other Emotions. “Blue Origin is Bezos’ space company, and Post is their private newspaper. “I’ve never had much energy, and it’s not about retiring,” he added.
Amazon’s net sales rose to 125 125.56 billion as consumers turned to the world’s largest online retailer for holiday shopping, according to data from IBES data from Refinitiv.