Who is Andy Jassy Amazon CEO

Who is the CEO of Amazon?

Jeff Bezos will remain CEO of Amazon (AMZN) until Q3 2021, at which point he will turn the company over to Andy Jassy and transition to a new role as Executive Chair. These plans were largely kept under wraps, although speculation had begun to mount that Jassy would be a natural successor.

The news was broken in Amazon’s Q4 2020 earnings report, in which the firm also announced its first $100 billion quarter. About 28% of this revenue growth was attributed to Amazon Web Services, which Jassy has been in charge of since it was created.

Bezos has given Jassy his full confidence in the role and markets seemed to welcome the news positively too – with shares of Amazon increasing in value by 1% in extended trading on Tuesday 2 February.

Want to take a position on Amazon shares? Open an account to get started.

Why did Jeff Bezos resign as CEO of Amazon?

Jeff Bezos announced he would be resigning to focus more time on his other ventures – including the Bezos Earth Fund, his spaceship company Blue Origin, The Washington Post, and the Amazon Day 1 Fund. Bezos is by no means retiring and intends to stay engaged in any important Amazon projects – such as acquisitions and high-cost strategies.

Bezos is ending his 27-year reign on a high note, having taken Amazon from nothing more than a bookseller to one of the world’s most valuable companies.

Who is Andy Jassy?

Andy Jassy, 53, joined Amazon in 1997 just three days after graduating from Harvard Business School. So, Jassy has been at Amazon almost as long as Bezos himself. Before joining Amazon, Jassy had founded and managed a marketing consultancy company.

Alongside 57 other people, Jassy founded Amazon Web Services in 2006 and became the company’s CEO in 2016, overseeing the platform’s growth. The platform now has a user base of millions worldwide, including well-known businesses – such as Verizon and McDonald’s – Silicon Valley start-ups, schools, and governments. AWS has roughly a 30% market share of the cloud computing market and owns almost half of the public cloud infrastructure.

AWS is the largest contributor to Amazon’s operating income – bringing in 52% in October 2020.

Jassy is known for his highly technical expertise, and his outspoken remarks about competitors – such as Oracle Corp and Microsoft – and social issues, like police brutality and LGBTQ+ rights.

What are Andy Jassy’s plans for Amazon?

Now that Jassy is CEO of Amazon, it will be interesting to see how the company alters its growth plans and balances the core functions of cloud services, e-commerce, and advertising. However, speculation has already started that Jassy’s background in AMS indicates that cloud computing will be at the core of Amazon’s strategy going forward.

How much is the CEO of Amazon worth?

New CEO Andy Jassy is predicted to have a net worth of around $392 million,1 which pales in comparison to Jeff Bezos’s $192 billion fortune. In his current role as CEO of AWS, Jassy has a total compensation of $348,809 a year.

Alongside Bezos, Andy Jassy is one of the top individual insider shareholders in Amazon, holding over 2791 units of Amazon.com stock, worth approximately $277,548,700.

Discover the top ten richest people in the world.

¹Wallmine, 2021

From time to time, StoneX Financial Pty Ltd (“we”, “our”) website may contain links to other sites and/or resources provided by third parties. These links and/or resources are provided for your information only and we have no control over the contents of those materials, and in no way endorse their content. Any analysis, opinion, commentary or research-based material on our website is for information and educational purposes only and is not, in any circumstances, intended to be an offer, recommendation or solicitation to buy or sell. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. No representation or warranty is made, express or implied, that the materials on our website are complete or accurate. We are not under any obligation to update any such material.

As such, we (and/or our associated companies) will not be responsible or liable for any loss or damage incurred by you or any third party arising out of, or in connection with, any use of the information on our website (other than with regards to any duty or liability that we are unable to limit or exclude by law or under the applicable regulatory system) and any such liability is hereby expressly disclaimed.

City Index is a trading name of StoneX Financial Pty Ltd.

The material provided herein is general in nature and does not take into account your objectives, financial situation or needs.

While every care has been taken in preparing this material, we do not provide any representation or warranty (express or implied) with respect to its completeness or accuracy. This is not an invitation or an offer to invest nor is it a recommendation to buy or sell investments.

StoneX recommends you to seek independent financial and legal advice before making any financial investment decision. Trading CFDs and FX on margin carries a higher level of risk, and may not be suitable for all investors. The possibility exists that you could lose more than your initial investment further CFD investors do not own or have any rights to the underlying assets.

It is important you consider our Financial Services Guide and Product Disclosure Statement (PDS) available at www.cityindex.com/en-au/terms-and-policies/, before deciding to acquire or hold our products. As a part of our market risk management, we may take the opposite side of your trade. Our Target Market Determination (TMD) is also available at www.cityindex.com/en-au/terms-and-policies/.

StoneX Financial Pty Ltd, Suite 28.01, 264 George Street, Sydney, NSW 2000 (ACN 141 774 727, AFSL 345646) is the CFD issuer and our products are traded off exchange.