Connect with us

Business

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

Published

on

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.

Business

Germany recalls Tesla models due to emergency fault

Published

on

Tesla is in the spotlight again, with Germany’s road traffic agency recalling models Y and 3 due to a fault in the automatic emergency call system

It’s a fault that could possibly impact around 59,000 vehicles globally.

Germany’s watchdog says a software flaw is causing a breakdown of the e-Call, a system designed to alert authorities after a serious accident.

The glitch follows the company delivered almost 18 per cent fewer electric vehicles in the second quarter than in the previous.

This is largely due to China’s Covid-19-related shutdowns and the ongoing supply chain crunch.

Meanwhile, CEO Elon Musk says Tesla’s new factories in both Texas and Berlin are “losing billions of dollars”.

Continue Reading

Business

World’s first city to charge tourists for visiting

Published

on

If you’re lucky to be heading abroad this summer, a visit to the famous canals in Venice, Italy might be on your itinerary, but beware of new fees to come.

Venice will charge most of its visitors an entry fee from next year as it tries to tackle overcrowding.

The city’s tourism chief says Venice are pioneers and will be the first city in the world to apply a measure that could be revolutionary.

From mid January next year, day-trippers must book their visit online before travelling.

They will pay a basic fee of 3 euro, which will rise to 10 euro at peak times.

Tourism is bouncing back in Venice after the pandemic with daily visitors again often outnumbering the 50-thousand residents of the city centre.

The scheme will be closely watched by other popular tourist destinations, overwhelmed with travellers around the world.

Continue Reading

Business

Pubs in UK declining by thousands, new research

Published

on

It’s no secret Brit’s love their Pub Grub, but plating up Bangers and Mash is a tradition on the decline

The number of pubs in England and Wales is continuing to fall, hitting its lowest level on record this year

After struggling through Covid the industry now faced soaring prices and higher energy costs, it warned.

There were just under 40-thousand pubs in June, down by 7,000 in the past decade, according to new research.

In fact, thousands of pubs have closed as younger people drink less, supermarkets sell cheaper alcohol and the industry complains of being too heavily taxed.

Pubs which had “disappeared” from the communities they once served had either been demolished or converted for other purposes, meaning that they were “lost forever”.

Continue Reading

Trending on Ticker

Copyright © 2022 The Ticker Company PTY LTD