![]() InvestorPlace contributor Robert Lakin is a veteran financial writer and editor, following fintech, agtech and property tech startups. Jeff Bezos is still 'focused' on Amazon despite stepping down as CEO last year to spend more time on his philanthropic ventures and rocket company, Andy Jassy said. On the date of publication, Robert Lakin held a long position in AMZN stock. AMZN stock is up more than 2.2% in pre-market trading, to $3,380 a share. The market seems to be pleased with the announcement. Consequently Amazon stock remains on fire in spite of tremendous skepticism.” Amazon has been an incredible company for over a decade. Jeffrey Preston Bezos (/ b e z o s / BAY-zohss né Jorgensen born January 12, 1964) is an American business magnate, media proprietor, and investor.He is the founder, executive chairman, and former president and CEO of Amazon, the worlds largest e-commerce and cloud computing company. Eventually they’ll end up delivering capital appreciation. “There are some stocks that you can rarely go wrong owning them in the long run. ![]() 1 called Amazon “the best example of a growth company the world has ever seen.” He wrote: Jassy did something Bezos almost never did: He joined an Amazon earnings call, as opposed to. He laid the foundation for Amazon Web Services (AWS), the cloud computing business, which he grew to define the space and become a significant profit contributor.Īmazon has now stabilized, reporting a record $125.6 billion in sales in the fourth quarter on Tuesday, while profits more than doubled to $7.2 billion year-over-year.ĪWS had net sales of $12.7 billion in its most recent quarter, with operating income of $3.6 billion, more than half of the company’s overall operating income.Īhead of earnings, InvestorPlace contributor Nicolas Chahine on Feb. Andy Jassy was surprised when Jeff Bezos asked him to be CEO of Amazon, Vanity Fair reports. Bezos has moved on from the CEO role at Amazon - making way for current CEO Andy Jassy. Since joining Amazon in 1997, Jassy has long been a trusted lieutenant to Bezos. Jassy, who has an MBA from Harvard, is regarded as a true believer in Amazon’s culture and is known for his curiosity and respect for data, according to people who have close ties to the company. “You really had to pick somebody inside for this company, and Andy is the perfect choice,” said Matt McIlwain, a managing director at Madrona Venture Group, an early Amazon investor, according to The Wall Street Journal. One of the world’s most influential technology and business leaders, Bezos had previously stepped back from much of Amazon’s day-to-day business, but the novel coronavirus pandemic pulled him back last spring to deal with the flood of e-commerce demand, labor unrest and supply chain challenges brought on by Covid-19. Bezos is to hand over the reins of the company he built into a logistics giant to Andy Jassy, chief of Amazon’s cloud computing division, but will stay on as executive chairman.īezos wrote in email to Amazon’s employees that he intends “to focus my energies and attention on new products and early initiatives.”
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