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Jeff Bezos resigns: will new CEO Andy Jassy jazz things up at Amazon?

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Today, Andy Jassy will take over as the CEO of Amazon from billionaire Jeff Bezos. Here’s everything you need to know about the CEO shakeup.

Today Jeff Bezo officially steps down as Amazon CEO on the company’s 27th birthday. Former cloud-computing boss Andy Jassy will take over the top spot. Bezos isn’t leaving Amazon behind though — he’ll transition to executive chairman of Amazon’s board after the shakeup.

The move comes at a critical time for the world’s largest online retailer, which is facing growing demands for regulatory action to control its global market dominance.

Who is Andy Jassy?

Jassy has been working at Amazon for 24 years as Bezos’ shadow and second-hand-man.

Dan Ives, another analyst at Wedbush, described Jassy as “one of the most powerful leaders, not just within the cloud and tech sector but in the world of business”.

Amazon’s new CEO Andy Jassy grew AWS to a $40 billion dollar business

The brains behind Amazon Web Services

Amazon’s move into cloud storage was Jassy’s idea. In the early 2000s, he identified that internal cloud storage would be a much faster way of sharing large amounts of information. Other companies eventually picked up this internal cloud network idea.

“I don’t think any of us had the audacity to predict it would grow as big or as fast as it has,” Jassy has said of AWS.

The new CEO doesn’t shy away from taking a political stance

Jassy has show himself to be more prepared than former CEO Bezos to take a political and social stance. After the death of Breanna Taylor, he Tweeted that the US can’t let the death “go with no accountability”.

“If you don’t hold police depts accountable for murdering black people, we will never have justice and change, or be the country we aspire (and claim) to be,” he Tweeted.

Aside from issues on race, he’s also spoken out about the persecution of LGBTIQ+ people and mass incarciration in the US.

“It’s nuts that the US has 5% of the world’s population and 25% of the imprisoned population,” he also said on Twitter. “And, the racial bias with which this incarceration is happening is awful.”

What will the CEO shakeup mean for shareholders?

As the world locked down amid the Covid-19 pandemic in 2020, Amazon’s sales soared by 38% to a record $386bn. So, shareholders shouldn’t be complaining too much.

How much does it pay to be the CEO of Amazon?

The company will award Jassy 61,000 shares, which is currently worth more than $US200 million. Amazon will pay out the shares over the next 10 years.

With a salary of $US175,000, these stocks are where the real money is at for Jassy. However, the salary is also substantially more generous than Bezos’ base salary of $US81,840. Of course, the founder’s outsized stake in Amazon has made him the richest person in the world.

Former CEO set to go to space

This comes after Bezos announced he would be going to space with his other company, Blue Origin.

Natasha is an Associate Producer at ticker NEWS with a Bachelor of arts from Monash University. She has previously worked at Sky News Australia and Monash University as an Online Content Producer.

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Business

Companies to pay extra for verified Twitter accounts

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Elon Musk has announced that companies and brands will have to pay $1,000 per month – plus an additional $50 per sub-account – to get verified check-marks on Twitter

The new pricing falls under the new Twitter Blue for Business service.

Within the next few months, only paying Twitter customers will have verified status.

Twitter has stacked on $12.5 billion in debt, and this move hopes to increase subscription revenue to meet Musk’s obligations.

Advertisers halted spending on Twitter after the takeover, but Twitter has since announced partnerships with two brand-safety vendors to win back marketers.

Musk also announced that Twitter would start sharing ad revenue with creators for “ads that appear in their reply threads”, but didn’t provide further detail.

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BMW to invest €800 million in Mexico

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BMW is set to invest €800 million in Mexico, to produce its next generation of high-voltage and fully electric batteries

 
The carmaker is looking to convert more than half of its sales into all-electric cars by 2030.

Construction will begin next year with production beginning in 2027.

The announcement follows several other major expansions from the automaker in recent months, including a $1.7 billion investment in the United States.

The move will add around 1,000 new jobs to its Mexico operations.

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Business

A British digital currency “later this decade”

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The Bank of England and Britain’s finance ministry think the UK is likely to need to create a central bank digital currency later this decade.

“On the basis of our work to date, the Bank of England and HM Treasury judge that it is likely a digital pound will be needed in the future,” the Telegraph quoted BoE Governor Andrew Bailey and finance minister Jeremy Hunt as saying in the joint report.

“It is too early to commit to build the infrastructure for one, but we are convinced that further preparatory work is justified,” the Telegraph quoted the report saying.

The BoE declined to comment on the Telegraph article, but said a joint consultation on CBDC issues would be published shortly.

A government source said the report would be published next week.

BoE Deputy Governor Jon Cunliffe is due to give a speech on Tuesday to update the finance industry on the BoE’s CBDC work.

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