Jeff Bezos, who has been the CEO of Amazon since July 5th, 1994, has officially stepped down from the role. On its investor relation website, Andy Jassy is now listed as the company’s CEO, after running Amazon Web Services since 2003. Jeff is listed as Executive Chair of the company. In a shareholder meeting in May, the July 5th handover date was previously announced.
It is essential for the company, which had the same CEO since its existence. Amazon survived the dot-com bubble bursting under Jeffs’ leadership in the late 90s to become one of the world’s most prominent technology companies. The company currently dominates online commerce in parts of Europe and the US and serves as a backbone to much of the modern web.
In 1997, Andy Jassy joined the company shortly after graduating from Harvard Business School and has led AWS since the team was founded in 2003. In 2016, he was named the official CEO of the division. According to Synergy Search, AWS controlled around a third of the total cloud computing market at the end of 2020. Under Jeffs’ leadership, the company’s share price has seen remarkable success. Delivery drivers and warehouse workers have said the company’s high productivity targets affect the physical health of the employees.
Amazon is willing to make big bets on new areas of business. The company is a sizable player in consumer tech. After the companies acquisition of Whole Foods and Amazon Fresh stores, and Amazon Go, it has an expanding presence in physical retail. And when it comes to entertainment, the company recently purchased film and TV company MGM for $8.45 billion. There is also Amazon’s video game and music division that Andy has previously expressed his support for. The company has also invested in fashion and healthcare.
Amazon’s practices and size have attracted critical observation from antitrust regulators around the world. Jeff won’t be fading into obscurity anytime soon. He will still be part of the company as an Executive Chair, where he will stay engaged in important Amazon initiatives. He will dedicate more energy and time to other initiatives such as his Blue Origin space company, The Washington Post newspaper, Bezos Earth Fund foundations, and Day One Fund.