How Amazon's New CEO Transformed The Company
Amazon is one of the most successful companies in the world, and its CEO, Andy Jassy, has been a key part of that success.
Prior to the establishment of Amazon on July 5, 1994, customers had to visit businesses to browse and purchase goods. Shopping used to be difficult because it required navigating numerous aisles in pursuit of a particular item, putting up with whining and obnoxious children, and standing in long checkout lines. Stores today attempt to connect with customers 24/7 through a variety of channels and devices.
On July 5, 2021, Jassy, a 25-year Amazon veteran, took Jeff Bezos’ place. The stock rose to a record high a few days later.
Jassy is facing an uncontrollable macroeconomic hurricane as Amazon’s second CEO since Bezos founded the company in 1994.
After graduating from Harvard Business School, Jassy, who is now 52, began working for Amazon. Jassy stated in a Harvard Business School podcast in September, “I took my last final exam at HBS, the first Friday of May in 1997, and I started Amazon the following Monday.” “No, I didn’t know what my title or job would be,” you said.
Since taking over as CEO in 2021, Jassy has been able to increase Amazon’s profit by focusing on three key areas:
Under Jassy’s direction, Amazon’s profit has dramatically improved as a result of these efforts. Amazon’s profit during the first quarter of 2023 was $8.1 billion, a 23% increase over the same period in 2022. The company’s most recent quarter saw its biggest earnings.
It is still too early to say whether Jassy’s strategy will be sustainable in the long term. However, his early results have been impressive, and he has shown that he is willing to make tough decisions in order to improve the company’s bottom line.
Amazon has an impact on a variety of markets, including cloud services like Amazon Web Services, consumer electronics like Alexa, and innovative items like drones.
The fifth largest employer globally and the largest employer with a U.S. base is Amazon. With 427,000 new hires made during the pandemic, it now has 1.2 million employees. That Amazon held a competition to choose a location for its second headquarters in 2018 and generated such a stir is understandable. Arlington, Virginia was chosen in the end.
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