Jeff Bezos has officially resigned and Andy Gacy is now listed as CEO of Amazon via Location Investor Relations having previously run Amazon Web Services since 2003, while Bezos is listed as Executive Board Director.
Bezos has served as Amazon CEO since the company was founded 27 years ago on July 5, 1994.
The July 5th delivery date was announced at a shareholder meeting in May.
This represents a significant moment for Amazon, which, under Bezos’ leadership, survived the bursting of the dot-com bubble in the late 1990s to become one of the world’s leading technology companies.
Amazon currently dominates online commerce in the US and parts of Europe, and serves as the backbone of many modern websites thanks to Amazon Web Services.
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Bezos’ successor, Andy Gacy, joined the company shortly after graduating from Harvard Business School in 1997, and has led AWS since the team was founded in 2003.
He was formally appointed as the division’s CEO in 2016. At the end of 2020, AWS controlled about a third of the total cloud computing market, roughly equaling its closest competitors Microsoft and Google combined.
Gacy’s path is similar to that of Microsoft’s current CEO, Satya Nadella, who previously ran the company’s Azure cloud business.
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And while Amazon’s stock price has seen remarkable success under Bezos’ leadership, his labor practices have been the focus of continued criticism.
Warehouse workers and delivery drivers said the company’s high productivity targets were inflicting material losses on employees. An investigation conducted by the company ProPublica Most recently, Bezos did not pay federal income tax in 2007 or 2011.
Bezos hands over the Amazon flag
Bezos hands Gacy a company with ambitions that extend beyond e-books, as the e-commerce and cloud computing giant is poised to enter new areas of business.
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Amazon is a big player in the consumer technology space with its lineup of Kindle, Echo, Ring and Eero devices. As well as general consumer goods under the Amazon Basics brand.
It has an increased physical retail presence following its acquisition of Whole Foods and the launch of Amazon Go and Amazon Fresh stores.
It recently made its biggest acquisition with the purchase of MGM film and television company for $8.45 billion.
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There is also Amazon Music, a video game division, as well as investments in healthcare and fashion.
Amazon’s size and practices have drawn scrutiny from antitrust regulators around the world.
Bezos was one of the chief executives asked to testify before Congress last year.
Amazon in Europe was accused of misusing market data as the bloc announced a second antitrust investigation against the company.