- Jeff handed over power to Andy Jassy on July 5
- Declared date in a shareholder meeting
- Andy in the Amazon as long as Bezos
Amazon founder Jeff Bezos declared signing off as the CEO on July 5. During the annual shareholders meeting, Jeff announced his departure saying it has ‘sentimental’ value to him because it will be the 27th anniversary of the largest e-commerce trading in the world.
Bezos will step down as the executive officer while Andy Jassy, slips in as the new CEO. And currently heads Amazon Web Services, the lucrative cloud computing unit at the Seattle-based company.
In an encomium about Jassy, Bezos said,” He is going to be an exceptional leader, and he has all my confidence.” He further said, “I guarantee you; he won’t let the universe make us normal.” Bezos assured investors that Jassy is well known in the company and has been a part of the firm for as long as Bezos.
Amazon has been among technology firms that have flourished as the pandemic accelerated a trend of using the internet for work, play, and education. The company’s dominance in online commerce has also put it in the crosshairs of critics and regulators worried it may be abusing its power.
On Wednesday, the colossal e-commerce firm announced a deal to buy the storied MGM studios for $8.45 billion, the US tech giant a vast content library to further its ambitions in streaming.
The move comes with Amazon experiencing surging growth in online retail and cloud computing while making a foraying into entertainment as more consumers turn to streaming media.