Connect with us

Business

What will Amazon look like post-Bezos? | ticker VIEWS

Published

on

Amazon founder Jeff Bezos has handed over his CEO reins to the creator of Amazon Web Services

Jeff Bezos will officially step aside as CEO of Amazon, while Andy Jassy takes over the position.

It’s not the last everyone will see of Bezos though, he will stay on as the board’s executive chairman. However, Jassy will take on a lot of pressure, as he inherits the responsibility of the $1.7 trillion e-commerce giant.

The pressure is on for Jassy

Andy Jassy rose to his success during his time at Amazon’s cloud computing business, Amazon Web Services. He is now about to take over the e-commerce empire that employs over 1.3 million people.  Amazon generates more than $400 billion a year in revenue, while still averaging an annual growth rate of 30%.

The company is more valuable than it’s ever been. Amazon is the fourth of the five big tech firms like Apple, Microsoft, and Google’s Alphabet to go beyond founder control. Each of these firms went on to reach new levels of financial success by their subsequent leaders.

This shake-up comes at a critical time for the company. The pandemic saw an increase in consumer demand like never before. However, this only shone a light on the need for heightened regulatory action into the ever-growing empire and its market dominance.

Amazon has also faced growing criticism for its treatment of workers.  However, this is something Bezos has vowed to address as executive chairman.

What’s next for Bezos?

Bezos founded Amazon in his garage 27 years ago. The 57-year-old now has a net worth of $200 billion and will continue to have significant influence at the company. He will remain the largest individual shareholder. As of last month he owned around 51.2 million shares, which equates to about 10%.

It’s unclear how exactly Bezos will govern Amazon from the sidelines. But, the entrepreneur has no doubt created a legacy at Amazon. He defined Amazon’s culture as “customer obsession.” In April, Bezos told investors he would focus on new initiatives to continue to make Amazon a better place to work.

He might be stepping aside but he has plenty of other interests to occupy his time.

Outside of Amazon, he’ll spend more time with his space efforts at Blue Origin. Bezos is planning a joy ride to suborbital space with his best friend and brother, on July 20.

On his Instagram, Bezos has clearly shown his interests in Tinsel Town, posting about Golden Globe wins for Amazon Studios. During his last meeting as CEO, he spoke about re-imagining screen heroes for the 21st century through Amazon’s deal to buy MGM.

Bezos will also focus on his philanthropic efforts and ventures at the Washington Post.

Expert predictions for Amazon

Wall Street experts predict Amazon will surpass supermarket giant Walmart to become the largest U.S. company by annual sales next year. This is according to consensus estimates from FactSet.

Planning for success

Bezos stepping aside after 27 years definitely marks a new era for the e-commerce giant. It’s undeniable that he has revolutionised the streaming, shopping, technology, and internet space forever.

In his final letter to shareholders, Bezos laid out a broad vision for the company’s future, committing to extend Amazon’s famous obsession over its customers to the same level of care for its employees.

The first principle is to Strive to be Earth’s Best Employer, which is to strive for a safer, more productive, more diverse work environment. This urges leaders to ask if their employees are growing, feeling empowered and having fun.

The second principle is Success and Scale Bring Broad Responsibility, which is to strive to be humble. With a focus of the secondary effects of actions, including the planet, communities, customers, and world at large. This urges leaders to leave everything and everyone better than they found them.

Final words before stepping aside

“If you want to be successful in business (in life, actually), you have to create more than you consume. Your goal should be to create value for everyone you interact with. We are all taught to “be yourself.” What I’m really asking you to do is to embrace and be realistic about how much energy it takes to maintain that distinctiveness.”

Jeff Bezos

Holly is an anchor and reporter at Ticker. She's experienced in live reporting, and has previously covered the Covid-19 pandemic on-location. She's passionate about telling stories in business, climate and health.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Companies to pay extra for verified Twitter accounts

Published

on

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.

Continue Reading

Business

BMW to invest €800 million in Mexico

Published

on

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.

Continue Reading

Business

A British digital currency “later this decade”

Published

on

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.

Continue Reading
Live Watch Ticker News Live
Advertisement

Trending Now

Copyright © 2023 The Ticker Company PTY LTD