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2021-07-06

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Amazon’s new boss faces pressure from all sides as Bezos leaves for space

KEY POINTS Amazon CEO Jeff Bezos will hand the reins over to cloud boss Andy Jassy on Monday. It ca

Amazon’s new boss faces pressure from all sides as Bezos leaves for space

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He couldn’t be held back.”\nThat image of Bezos captures the relentless drive and energy that would propel Amazon’s meteoric rise from an internet bookseller to the world’s largest online retailer and cloud computing company.\nNow, after almost three decades, the 57-year-old founder is preparing to funnel his energy toward other pursuits. Starting Monday — 27 years to the day after Amazon was incorporated — Bezos will transition to executive chair of Amazon’s board, handing the CEO title over to his one-time protégé, cloud-computing boss Andy Jassy.\nBezos is departing the CEO role at a time of great success for the company, with Amazon in February surpassing $100 billion in quarterly sales for the first time.While Bezos isn’t going far, he’s still leaving Jassy to deal with many of the headaches of running the day-to-day business, some of which are more intense than before. Amazon is being probed by antitrust regulators in the U.S. and abroad. It faces pressure from lawmakers who say it should focus on being a better corporate citizen. Inside the company, employees routinely express grievances about working conditions and, on the front lines, have met with labor unions to explore the possibility of organizing.\nLaunching ‘Earth’s biggest bookstore’\nBezos was a vice president at Wall Street hedge fund D.E. Shaw when he got the idea to launch an online bookstore. He quit in 1994 and moved across the country to Seattle, where he bought a house in the suburbs and founded the company that would become Amazon out of his garage. The company was very nearly named “Cadabra,” but it sounded too much like “cadaver,” so Bezos chose Amazon instead.\nThe site opened for business on July 16, 1995. Its homepage greeted users with the proclamation of being “Earth’s biggest bookstore,” spanning one million titles and offering up “consistently low prices.” Within the first month of its launch, Amazon had sold books in every state in the U.S. and 45 countries around the world.\n“I remember flying up to Seattle to visit the company in its offices at First Avenue, opposite a free needle clinic in a pretty seedy part of Seattle,” John Doerr, an early Amazon investor and chairman of venture firm Kleiner Perkins, told CNBC’s “Tech Check” on Friday. “We built these tables out of desk doors that we purchased from Home Depot. 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Amazon’s new boss faces pressure from all sides as Bezos leaves for space

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