Amazon seeks to build on soaring growth
WASHINGTON: Amazon is changing at the top but stressing continuity after founder Jeff Bezos announced he was handing over the role of chief executive to trusted lieutenant Andy Jassy, capping a spectacular expansion for the 27-year-old technology colossus.
Here are some key questions and answers following Tuesday’s surprise announcement of a change in top management at Amazon.
While Bezos has been the visionary behind Amazon, the shift is likely to have minimal impact for the moment. Bezos will transition to a role of “executive chairman” which will enable him to be involved in strategic decisions for the e-commerce and tech giant, while new CEO Andy Jassy manages day-to-day-operations.
Shares in Amazon showed little reaction to the CEO news which came as part of a strong fourth quarter earnings report.
“Andy Jassy is going to continue Bezos’ gameplan,” tweeted analyst Gene Munster of Loup Ventures. “Undoubtedly, Bezos will have a heavy hand in the company’s direction as chairman. Overall, a CEO change is a non event.”
The change gives Bezos more room to focus on his other ventures including the Blue Origin space group and the Washington Post, along with his philanthropic activities.
Jassy, 53, has been at Amazon since 1997 and led the creation of Amazon Web Services, the cloud computing arm which has become a key driver of revenue and profits for the company. He holds bachelor’s and master’s degrees from Harvard University.
According to his company profile, Jassy “has delivered more than 90 cloud infrastructure and application services that are used by millions of startup, enterprise, and government customers around the world.”