Jeff Bezos will step down as Amazon CEO on July 5
Jeff Bezos will step down as Amazon CEO on July 5
Jeff Bezos, founder of Amazon, will officially step down as CEO on July 5, he announced Wednesday during the company's annual shareholder meeting.
After nearly three decades as CEO of the internet giant that made him one of the world's wealthiest people, Bezos will hand the reins to Andy Jassy, who currently runs Amazon Web Services. Bezos will take the helm of Amazon as executive chairman.
The company initially announced the leadership change in its February earnings report, stating that Jassy would assume the role during the fiscal third quarter. Amazon (AMZN) previously declined to disclose the precise date of the transition.
Bezos described the timing as "sentimental" — July 5 is the anniversary of Amazon's incorporation in 1994.
"I'm thrilled to assume the [executive] chair role, where I'll direct my energies and attention toward new products and early initiatives," Bezos said Wednesday. In February, he expressed excitement about having more time to devote to his ventures outside of Amazon, including the Bezos Earth Fund and Blue Origin.
Bezos stated that he expects Jassy — who has worked for the company for 24 years and risen to lead its most profitable division — to be a "outstanding leader."
"He holds himself to the highest of standards, and I am certain Andy will never allow the universe to define us as typical," Bezos said. "He possesses the vitality necessary to preserve what makes us unique."
When Jassy steps down as AWS's CEO to lead Amazon, he will be succeeded by Tableau CEO Adam Selipsky, the company announced in March.
Jassy Will Take Over
Jassy will take over an increasingly complex and scrutinized business, as evidenced by the news early Wednesday that Amazon would acquire MGM for $8.45 billion and by some of the issues raised at the subsequent shareholder meeting.
Among the shareholder proposals presented at the meeting — all of which were rejected — was one that would have allowed an hourly fulfillment associate to serve on the company's board of directors. While the motion was unsuccessful, it highlighted the criticism Amazon has faced recently regarding its treatment of warehouse workers, particularly in the aftermath of a historic union drive at one of the company's warehouses in April that was unsuccessful due to company opposition.
Bezos was questioned during the shareholder meeting about Amazon's massive size. The question arose following the District of Columbia's filing of an antitrust lawsuit against the company on Tuesday, alleging it harmed competition by abusing its market dominance in e-commerce. (At the time, Amazon reacted angrily to the lawsuit, claiming that the DC attorney general "has it exactly backwards.")
"I'd say we face stiff competition from well-established companies in every industry in which we operate," Bezos said. "[Retail is] a thriving industry that is far from a winner-take-all scenario."
Bezos also mentioned several of Amazon's more recent bets that Jassy will be responsible for, including its telehealth offering, Amazon Care, and its satellite internet venture, Project Kuiper.
"None of these ideas are certain to succeed," Bezos stated. "All of them are massive investments and all of them involve risk.... Our entire history as a company has been built on taking calculated risks, many of which have failed and many of which will fail, but we will continue to take calculated risks."
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