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.”
The increasing anti-Asian violence in this country is pretty shocking and deeply concerning. At Amazon & AWS, we stand in solidarity w/ the Pan-Asian community. #StopAsianHatehttps://t.co/7IpJMP6ePm
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.
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.
Donald Trump’s trade tariffs could negatively disrupt Australia’s economy, impacting exports like beef and canola oil amid global trade tensions.
In Short
Trump’s trade tariffs threaten Australian exports, notably canola oil and beef, with China’s retaliatory export curbs exacerbating the situation.
A full trade war could drastically impact Australia’s iron ore industry and currency stability, complicating its trade relations amidst rising global competition.
Donald Trump’s new trade tariffs could have adverse effects on Australian exports, including canola oil, beef, and critical minerals.
China has implemented retaliatory export curbs on metals essential for technology, raising concerns as China controls much of the global supply. While the US may seek alternatives in countries like Australia for strategic minerals, tensions with Canada complicate this shift.
However, a full-scale trade war would negatively impact Australia’s largest commodity export, iron ore. A weakening Chinese economy could reduce demand for steel-making materials, harming Australia’s trade interests. Trump’s potential expansion of tariffs on aluminium and steel poses additional risks to local manufacturers amid fears of cheap imports undermining the market.
The beef industry could also face disruption. As the US cattle herd declines, tariffs might disrupt Australian beef exports, leading to price hikes. Conversely, Canada could increase canola exports to non-US markets, intensifying competition for Australian oilseed farmers.
Furthermore, the recent tariff announcements have caused fluctuations in the Australian dollar, which hit low levels against the US dollar initially. Subsequent relief for Canada and Mexico caused a brief recovery, yet ongoing tariff disputes could negatively impact the currency’s stability.
Trump’s new 10% tariff on Chinese imports could raise prices for electronics, clothing, cars, and home appliances in the US.
In Short
President Trump has imposed a 10% tariff on imports from China, potentially increasing costs for US consumers on electronics, clothing, cars, and appliances. The National Retail Federation urges negotiations to mitigate price hikes while analysts predict significant increases in product prices.
President Donald Trump has implemented an additional 10% tariff on imports from China, which could potentially rise further.
This move is likely to result in higher prices for various goods in the US, particularly consumer electronics, clothing and textiles, cars, and home appliances.
In 2023, the US imported $427 billion worth of goods from China. Notably, consumer electronics sales included substantial imports of cellphones and laptops. The Consumer Technology Association estimates that tariffs could raise laptop prices by up to 68%, video game consoles by 58%, and smartphones by 37%.
In clothing and textiles, imports amounted to $19.6 billion in 2023. Retailers may increase prices of apparel and accessories due to these tariffs.
Cars are affected as well, with US imports of car parts valued at $14.6 billion. Analysts suggest that domestic automakers sourcing parts from China may be compelled to raise prices.
Home appliances also face price increases. The National Retail Federation projected that the average price of a basic fridge could rise from $650 to $776.
The NRF has urged all parties to negotiate solutions to strengthen trade relations and avoid passing costs on to American consumers.