Amazon Chief Executive Officer (CEO) and founder Jeffrey Preston Bezos is all set to step down from his position by 2021 end, and switch to executive chair post, handing over the reins to Andrew. R. Jessy. Jeffery has been CEO at E-commerce giant, ‘Amazon’ since 1995 and has come a long way since the days when Amazon was just an online bookseller, and is currently a US$ 1.7 Trillion multi-national retail and logistics behemoth. Andrew Jessy on the other hand, has worked for Amazon Web Services (AWS) since 1997 and is currently serving as the CEO of Amazon’s cloud business, and AWS, which is one of the largest revenue contributors to Amazon.
Jeffery wrote a heartwarming email to his employees in which he mentioned details about his journey and stated, ‘This journey began around 27 years ago, when Amazon was just an idea and had no name’. He also mentioned ‘When you’re the founder, people listen no matter the title. He also shared that he was frequently asked a question back then – ‘What is Internet?’ Today, the company employs approximately 1.3 Million dedicated, young and talented individuals, and serves millions of businesses and customers worldwide, which has made it as one of the leading global multinational technological company. This in anyone’s mind will certainly kindle ambition and open up possibilities and imagination that if a mere online bookstore can become a trillion-dollar brand, then what has been stopping them from also coming up with a 100-dallar idea, product, service, or plan that can eventually become a trillion-dollar conglomerate in a short span of three decades going by the way time flies these days.
Jeff also provided insights that inferred that when the going gets tough, the tough gets going in such situations. In his email, Jeff said that he is excited for job transition, which will help him to focus on working on outside projects. ‘As Amazon’s executive chair, I will focus on new products and bigger initiatives,’ he said. He further mentioned, ‘Being CEO of a company is a big responsibility, and it is time and energy consuming, and when you have a responsibility like that, it’s hard to focus on anything else’. Once he is Executive Chair, he will not only be engaged in more important Amazon initiatives, but also have much needed time and energy to focus on ‘the Bezos Earth Fund’, ‘Day 1 Fund’, ‘The Washington Post’, ‘Blue Origin’, and his other passions.
Jeff also added that ‘Jessy will be an outstanding leader, and he has my full confidence, he is an obvious choice for this post, especially after the retirement announcement made by Jeff Wilke, head of Amazon’s global consumer division and another Amazon leader in August 2020’. To this, Tim Hubbard, assistant professor at the University of Notre Dame’s Mendoza College of Business said ‘Andy Jassy’s is a natural fit as a CEO at Amazon’. In addition to this he said, ‘AWS is a powerhouse within Amazon, driving revenue growth significantly, and this transition indicate that the company is going to continue the path it is going’.
Under Andy Jassy’s command, the cloud computing segment is projected to register highest growth in the coming years as the company aims to be more effective in the era of digital-first interactions. In 2020, Amazon’s shares sank as the market was closed; however, it has gained 1% growth in just two hours after the closing bell. The company’s stocks have since gained exponentially since then. Amazon published its quarterly net sales of around US$ 125.6 Billion, which is up 44% compared to same period in the prior year. This quarterly income includes Prime Day sales revenue held on October 13 and 14 in the last year, which was being postponed over summer 2020 as the COVID-19 pandemic hit. Though coronavirus cases surged, revenue from Prime Day, and increasing demand for online shopping contributed 40% Y-o-Y (2019–2020) revenue growth of the company. Net sales in the North America market accounted for US$ 75 Billion, and international sales registered 57% growth to approximately US$ 37.5 Billion.