Amazon's Future Uncertain Under New CEO Andy Jassy
Amazon is in the midst of the biggest leadership overhaul in its history. That's put the future in flux and sowed seeds of doubt about the western world's largest e-commerce and cloud-computing company, Business Insider reported.
Photo Insert: New Amazon CEO Andy Jassy recently took over from founder Jeff Bezos, who retired last July 5.
Can the $1.6 trillion behemoth keep growing after a giant pandemic sales boost in 2020? The shares have stagnated in the past year, while the rest of the stock market roared ahead.
There's a new CEO, Andy Jassy, who recently took over from founder Jeff Bezos. Will Jassy run the tech giant as well as his former boss? With Jassy as CEO and Bezos becoming executive chairman this year, there's been a scramble for leadership positions beneath them, as well as many departures.
Dave Clark became CEO of Amazon's worldwide consumer business this year, taking over from Jeff Wilke, who left the company. Clark oversees everything from Amazon's warehouse and shipping network to marketing and the Prime membership program.
Adam Selipsky took over from Jassy as CEO of Amazon Web Services (AWS), the company's cloud-computing operation. Charlie Bell, a veteran cloud executive, has left, while James Hamilton, a distinguished engineer, was named to the powerful S-team.
Jeff Blackburn returned to the company in June to run Amazon's media and entertainment division, which includes Prime Video and Amazon Studios.
Amazon's most senior execs are leaving in droves, citing stalling growth, higher pay elsewhere, and tough culture.
Still, AWS is being chased by Microsoft and Google, and there's been a rash of departures recently that has sparked concern among insiders about a brain drain.
Amazon is the second-largest US employer and still one of the fastest-growing in the country. It offers income and benefits to well over 1 million people, and it's been a source of jobs and shopping convenience during the pandemic.
With that level of influence, Amazon's operations have come under intense scrutiny, which has prompted a nationwide unionization effort. Amazon's system for improving, or ousting, employees deemed underperformers has been criticized by some workers who say it is unfairly stacked against them and can encourage managers to give bad reviews to good staff. The company has also been sued for alleged bias in the workplace.