Is Amazon stock ready for blast-off before Jeff Bezos reaches space?

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Yahoo Finance 06 July, 2021 - 01:26pm 32 views

Is Jeff Bezos leaving Amazon?

Amazon founder Jeff Bezos has officially stepped down as the company's chief executive, handing that role over to Andy Jassy, in order to focus on "new products and early initiatives". Sky NewsJeff Bezos steps down as Amazon CEO today - but how much power is he really giving up?

Who is the new CEO of Amazon?

The man who will take over Jeff Bezos as Amazon CEO. On Monday, Andy Jassy, who is serving as the chief of Amazon Web Services (AWS) will take over from Jeff Bezos as the new CEO of the one of the world's biggest tech giants. Hindustan TimesWho is Andy Jassy? The man who will take over Jeff Bezos as Amazon CEO

Jeff Bezos stepped down as Amazon's CEO on Monday, exactly 27 years since he started the e-commerce giant in a garage in West Bellevue, Wash.

Bezos is handing day-to-day duties to his longtime deputy Andy Jassy but will continue to hold considerable sway as the company's executive chairman.

Under Bezos, Amazon transformed itself from an online bookseller startup into the world's largest online retailer. Bezos led the company safely through the dot-com bubble bursting in the early 2000s then launched a period of ruthless expansion, pushing its influence far beyond Internet commerce.

Amazon now commands sizable businesses in grocery stores, cloud computing, smart devices, filmmaking and even fashion brands.

Bezos, the richest man in the planet, told employees earlier this year that handing the reins to Jassy would allow him to focus on other projects, like philanthropic pursuits addressing climate change and his space exploration company Blue Origin (Bezos himself is planning to fly to the edge of space on a rocket built by the company in two weeks).

"Jeff is really not going anywhere," Brian Olsavsky, Amazon's Chief Financial Officer, told reporters in February. "It's more of a restructuring of who's doing what."

Jassy, who joined Amazon in 1997, had been the chief executive of Amazon Web Services, a cloud computing juggernaut that is Amazon's most profitable division and helps power large swaths of the Internet, including Netflix, Facebook and Twitter.

The transition arrives at a pivotal time for Amazon. The pandemic's shift to remote work was a major boon for the company, soaring profits as Americans confined at home shopped more online and demanded additional cloud computing resources.

Those new fortunes, however, come during a moment of growing pressure.

Amazon's competitive practices are the subject of probes from Congress, the Justice Department, the Federal Trade Commission and regulators in Europe, as government officials accuse the company of abusing its market dominance.

Amazon drivers and other workers have alleged mistreatment and complained about breakneck working conditions in Amazon factories.

Brad Stone, a senior editor at Bloomberg News who has written two books about Amazon, said Bezos has an unusual gift for problem-solving and focusing on many disparate issues at once, but empathy has never been his strength.

Jassy has long seen Bezos as a mentor, but colleagues have said he is more mild-mannered, soft-spoken and less prone to angry outbursts, compared to Bezos.

As Jassy takes over as CEO, one key challenge will be tamping down the rougher side of Amazon's empire infusing the company what Stone calls a more humble image.

"Jassy takes over at a critical time," Stone told NPR. "He's inheriting not just the tremendous success but all the baggage that comes with it."

Stone added that having Jassy at the helm may be aimed at changing perceptions of Amazon, a company that has become an inescapable part of daily life but one the author says elicits mixed feelings.

"I think Jassy has to kind of make Amazon a more empathetic company, a friendlier company," Stone said. "He has to find Amazon's heart."

Read full article at Yahoo Finance

10 things in tech: Amazon's new era, Branson in space, Crypto startups

Business Insider 06 July, 2021 - 04:42pm

“No Rules Rules: Netflix and the Culture of Reinvention”

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1. Andy Jassy has started as Amazon's new CEO, replacing Jeff Bezos. His first 100 days will set the tone for his leadership, and he'll have to tackle issues like improving workplace conditions and unionization. More on Jassy's challenges here.

2. Billionaire Richard Branson aims to fly to the edge of space before Jeff Bezos. Virgin Galactic announced it was planning to launch Branson aboard a flight as early as July 11; Bezos is expected to launch July 20. But the CEO of Blue Origin says Bezos will fly higher.

5. A Gen Z VC negotiated for a paid apartment, car, tuition and other compensation perks. His employer, an east coast VC fund, agreed to a lower base pay with a rare compensation package. He explains how he did it.

6. Jeff Bezos had a number of flops under his watch. Bezos famously embraces failure as a part of doing business — even when it results in billions in losses. From a multiplayer game to Amazon Restaurants, take a look at Amazon's biggest flops during the Bezos era.

9. Top VCs shared their 10 picks for the most promising crypto startups of 2021. From non-fungible tokens to decentralized finance and cryptocurrency, here's what they think is worth keeping an eye on.

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