September 18, 2021

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Jeff Bezos to hand over CEO role to Andy Jassy; Amazon Records Record Profits – CNET – Tell It Like It News

Amazon CEO Jeff Bezos is planning to step down from his role.


James Martin / CNET

Amazon CEO Jeff Bezos will step down later this year, passing the reins of the world’s largest e-commerce company to Andy Jassy, ​​a longtime lieutenant who runs Amazon Web Services. Amazon nestled the news in its fourth quarter earnings announcement, which exceeded expectations.

The transition comes as Amazon goes through a difficult period in its history. The company is reaping huge profits as a closed-in consumer because of the COVID-19 crisis, to become more dependent on both e-commerce and online services. This in turn has attracted regulatory scrutiny from lawmakers concerned about the power Amazon has over retailers using it as an online storefront.

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The power of Amazon was amply shown in the fourth quarter. Net income rose to $ 7.2 billion, or $ 14.38 per share, from $ 3.3 billion a year ago. Net sales increased 44% to $ 125.6 billion. Both figures easily beat Wall Street’s estimates of $ 7.23 per share in earnings and $ 119.7 billion in net sales, according to Yahoo Finance. (Amazon previously predicted sales of between $ 112 billion and $ 121 billion.)

Bezos will step down from his role after building a behemoth that reshaped online retail and gained cloud computing market share by building on the infrastructure Amazon needs to run its own giant retail platforms. He has also overseen the efforts they have created devices since Kindle e-reader to the echo smart home system, forays into television e movie with Prime Video, and ventures into the world of groceries, including the purchase of Whole Foods Markets. He even got into podcasts, with a subscription service and the purchase of Wondery podcast editor.

Jassy is an expert hand at Amazon, who started with the company in 1997. He shaped AWS from the start and became division head in 2016.

Although most people know Amazon for its ecommerce operations, AWS typically accounts for the largest chunk of Amazon’s revenue. It generated $ 12.7 billion in net sales in the fourth quarter. AWS dominates the cloud services market, accounting for approximately one third of the market share. The division provides companies with database storage and cloud computing services, including support for machine learning and artificial intelligence efforts.

Jassy is not as well known as Bezos, but he has talked about controversial issues in the field of technology. In 2019, he criticized President Donald Trump for introducing the policy into the bidding process for a major Department of Defense contract that Microsoft ultimately won.

And also defended Amazon’s development of facial recognition tools, stating that governments should have access to the latest technology to protect their citizens. In a 2019 interview with PBS’s Frontline, Jassy indicated that he is aware of the potential abuse of AWS technology. “If there is any kind of documented evidence of people abusing technology, we will suspend people’s ability to not only use the technology but also use AWS,” he said, addressing concerns about the use of facial recognition by women. police.

The company followed the sentiment last month, suspension of cloud hosting services to social media platform Parler for failing to moderate content advocating violence after Parler was used by rioters who stormed the Capitol on January 6.

Amazon headed into the last three months of 2020 having generated huge profits, even as it spent billions to address the logistical problems presented by the coronavirus pandemic, which saw the company. struggle to keep up with an increase in orders in April. At the time, Bezos warned that Amazon could spend more than $ 4 billion to tackle the pandemic in that quarter. Amazon expected that he would spend so much again in the last three months of 2020 struggling with the pandemic.

The company also faced the challenge of protecting its vast workforce from the coronavirus. In October, Amazon said the virus had infected 20,000 frontline employees in the United States, including the grocery workers of the Amazon-owned Whole Foods Market. The company has implemented safety and testing measures to protect workers.

Holiday sales were widely expected to boost Amazon’s revenue as ecommerce companies saw an increase in customers in isolation and delivered. In its press release, the company said it broke holiday records by “delivering more than a billion toys, home goods, fashion, electronics, beauty and personal care to customers around the world.”

During a phone call with investors, Amazon CFO Brian Olsavsky said the company will have to continue spending to meet the pandemic demands. “Let’s hope the vaccine goes on,” he said.

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