Tuesday, June 28, 2022
Tuesday, June 28, 2022
Home Business Jeff Bezos to resign as Amazon CEO in Q3, Andy Jassy to take over

Jeff Bezos to resign as Amazon CEO in Q3, Andy Jassy to take over

by Milcah Lukhanyu
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Amazon’s Jeff Bezos will transition to the role of Executive Chair in the third quarter of 2021 and Andy Jassy will become Chief Executive Officer at that time.

Andrew R. Jassy is the CEO of Amazon Web Services and one of the minority owners of the Seattle Kraken of the National Hockey League. He has led AWS since its inception in 2003.

“Amazon is what it is because of invention. We do crazy things together and then make them normal. We pioneered customer reviews, 1-Click, personalized recommendations, Prime’s insanely-fast shipping, Just Walk Out shopping, the Climate Pledge, Kindle, Alexa, marketplace, infrastructure cloud computing, Career Choice, and much more,” said Jeff Bezos, Amazon founder and CEO. “If you do it right, a few years after a surprising invention, the new thing has become normal. People yawn. That yawn is the greatest compliment an inventor can receive. When you look at our financial results, what you’re actually seeing are the long-run cumulative results of invention. Right now I see Amazon at its most inventive ever, making it an optimal time for this transition.”

Amazon.com, Inc. also announced financial results for its financial year. The firm’s Net sales increased 38% to $386.1 billion, compared with $280.5 billion in 2019. Excluding the $1.4 billion favorable impact from year-over-year changes in foreign exchange rates throughout the year, net sales increased 37% compared with 2019.

Amazon’s Operating income increased to $22.9 billion, compared with operating income of $14.5 billion in 2019. Net income increased to $21.3 billion, or $41.83 per diluted share, compared with net income of $11.6 billion, or $23.01 per diluted share, in 2019.

Amazon is working to ensure that its front-line employees receive vaccines as soon as possible and is working in partnership with global medical experts, governments, and health providers to accelerate vaccination programs.

Amazon continues to ramp up its in-house COVID-19 testing program as part of its investments to keep front-line employees safe. More than 700 employees are now tested every hour, and Amazon’s dedicated COVID-19 labs have processed more than one million tests globally.

Amazon recognized front-line employees by investing $2.5 billion in additional pay in 2020. This is on top of the company’s industry-leading starting wage of at least $15 an hour, which is double the federal minimum wage. All full-time employees also receive healthcare and full benefits from their first day on the job.

Amazon will provide free cloud skills training to 29 million people around the world by 2025, as it continues to invest in upskilling and career development for its customers and employees. This expands on Amazon’s Upskilling 2025 initiative, a $700 million commitment to upskill 100,000 U.S. employees by helping them transition into high-demand, high-paying jobs, as well as Career Choice, a program that pre-pays tuition for employees looking to earn degrees in in-demand fields.

In the UK, Amazon delivered more than six million COVID-19 testing kits free of charge, in support of the government’s COVID-19 testing program.

Globally, Amazon has donated over 65,000 Echo devices, Fire Tablets, and other devices throughout the COVID-19 crisis to organizations that support frontline workers and first responders, and to help keep patients, students, and communities impacted by the pandemic connected.

The company is investing in the building of 26 new utility-scale wind and solar projects in Australia, France, Germany, Italy, South Africa, Sweden, the UK, and the U.S., bringing Amazon’s total number of renewable energy projects to 127. Amazon’s investments will supply its operations with more than 18,000 gigawatt hours (GWh) of renewable energy annually, helping put the company on a path to achieve 100% renewable energy by 2025, five years ahead of the initial 2030 target.

As part of the AWS Activate program, Amazon provided more than $1 billion in AWS credits during 2020 to help early stage startups launch their businesses and accelerate their growth. With this help, startups are using scalable, reliable, and secure cloud services like compute, storage, database, analytics, Internet of Things, machine learning, and many others from AWS to scale their businesses.

Amazon announced that Fire TV now reaches more than 50 million monthly active users around the world. Amazon also secured new content deals with premium streaming providers, including HBO Max, discovery+, and Xfinity in the U.S.; Disney+ in Mexico and Brazil; NOW TV in the UK; and CANAL+ in France.

Amazon announced Alexa Custom Assistant, a new service that lets device makers, auto makers, and service providers create custom-branded voice assistants that are powered by and work in cooperation with Alexa.  Amazon announced the first Alexa built-in commercial trucking integration in Volvo Trucks in the EU; the first integration in Brazil with BMW’s BMWi and MINI cars; and new vehicle launches with Dodge Durango, Chrysler Pacifica, Fiat 500 electric, and Acura MDX.

Alexa added Netflix to its global roster of streaming service providers for Echo Show customers, giving them more at-home entertainment options. Amazon also added podcast support to Alexa from services like Amazon Music, Apple, and Spotify in more countries around the world.

Amazon added new Alexa features that make customers’ daily lives more convenient, including the ability to share a shopping list with Alexa contacts by voice, video calling on Fire TV, and new Alexa Routines on Fire TV.

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