Amazon’s Bezos Cedes CEO Role to Jassy

Last month, Amazon announced Jeff Bezos will step down as CEO and be replaced by the head of the company’s cloud computing unit, Andy Jassy, in the third quarter of 2021. Jassy and Jeff Wilke were likely successors to Bezos. With Wilke’s announcement of leaving Amazon, it was inevitable for Jassy to take the role of CEO. Incoming CEO Jassy is likely to keep Amazon on its current path, increasing the profit that he helped to create despite the pandemic.

Much like Bill Gates, Bezos isn’t going far and will remain a chairman of Amazon. In Bezos’s new role, he is able to focus on one of his passions, innovation, without being encumbered by the daily duties that come with being a CEO of a global empire. Now, Bezos is able to turn his attention to promising ideas as well as his ownership of Blue Origin, his space exploration company, and the Washington Post.

In the quarter ending in March, Amazon estimates projected revenue to be in the range of $100 to $106 billion, with a projected operating income of $3 to $6.5 billion. Amazon, also, reported that fourth-quarter sales jumped to 125.6 billion, an increase of about 44%, beating the average estimate of 119.7 billion. Although Amazon has had much success during the pandemic, investors still remain mindful of Amazon’s rising expenses. According to Amazon, COVID-19 related costs such as lost productivity due to social distancing as well as extensive cleaning and sanitization procedures throughout Amazon warehouses and shipping centers are going to add an estimated $2 billion to expenses for the current quarter.

Colleagues say that Jassy is very similar to his boss, Bezos and is known to becoming a micromanager when it comes to projects he’s passionate about. Jassy, also, prefers data-driven decision-making that puts customers at the center of the company’s thinking.

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