Andy Jassy is all set to take over as the next CEO of Amazon, Amazon announced on Tuesday. Jeff Bezos, who founded Amazon as an online bookstore and built it into a shopping and entertainment behemoth, was CEO for nearly 30 years and will now assume the position of executive chairman.
Andy Jassy, on the other hand, started with the company as a marketing manager in 1997 —three years after it was founded — and, over the next decades, helped to turn Amazon into a profitable tech firm.
Jassy, 53, had long been rumoured to be a potential Bezos successor. His ascension as CEO won’t take place until the third quarter of 2021.
Jassy currently leads the company’s cloud computing offshoot, Amazon Web Services, which provides a range of online services for businesses, and is one of the most profitable divisions of the e-commerce giant.
A graduate of Harvard Business School, Jassy founded AWS in 2003 and became its CEO in 2016. Under Jassy’s leadership, the division grew to a cloud platform used by millions, signing major customers including Verizon, McDonald’s and Honeywell.
The service competes with Microsoft Corp’s Azure and Alphabet Inc’s Google Cloud. It brought in USD 12.7 billion in the most recent quarter, up 28 percent from a year ago.
Jassy was paid a total of USD 348,809 in 2019, according to Amazon’s most recent proxy statements. He also owns about 85,000 shares in the company, valued at USD 287.3 million as of Tuesday, according to CNBC.
His net worth was estimated at USD 394 million in November 2020. In Amazon’s early years, Jassy reportedly took on the role of “Jeff Bezos’s Shadow.”
Source: News 18 & Business Insider