Listed below are three key issues to know in regards to the new chief of the e-commerce big.
Jassy began at Amazon (AMZN)
in 1997, nearly three years after Bezos launched the corporate in his storage and three weeks earlier than the corporate went public at a valuation of $300 million. It was his first job after graduating from Harvard Enterprise Faculty.
“I took my final last examination at (Harvard Enterprise Faculty) the primary Friday in Could in 1997, and I began at Amazon the subsequent Monday,” Jassy stated on “The Disruptive Voice” podcast last year.
“I did not know what my job was going to be and what group I used to be going to work in and what my title was going to be.”
He first labored in a advertising function, after which was positioned on a “SWAT crew” challenge exploring different potential product classes for Amazon past books. Jassy pitched getting into the music enterprise as a part of the challenge.
Jassy additionally hung out within the early 2000s ready referred to on the time as Bezos’ “shadow,” a job just like a company chief of employees, which was designed to coach promising younger execs, in response to Ann Hiatt, a former government enterprise associate for Bezos throughout Amazon’s early days (the place she sat at one in every of Bezos’ now-legendary “door desks.”) Now a tech-leadership advisor, Hiatt stated she labored carefully with Jassy throughout his time as Bezos’ “shadow.”
“If you happen to’d requested me yesterday what I assumed the timeline can be of Jeff stepping down as CEO, I might not have guessed now. However in the event you’d stated, ‘Okay, he is stepping down, who will he select?’ the primary, instantaneous identify out of my mouth can be Andy Jassy,” Hiatt stated.
“I watched him blossom into this stunning complimentary government to Jeff, the place he realized to anticipate the questions Jeff would ask, the issues he would hate, the issues he would love, his management type,” Hiatt stated. “Whereas Andy, in fact, has his personal incredible model of government, he was skilled with these instincts, to prioritize the issues that Jeff would and make choices the identical manner Jeff would when he is not within the room. Clearly, he is taken that on to nice heights in his function as CEO of AWS.”
Jassy was there when Amazon determined to launch AWS and function it as a separate firm that served Amazon.com the identical manner it will every other buyer.
“From the very begin of AWS, we decided that if we needed to have the ability to serve a variety of Amazon’s shopper rivals … that we needed to make AWS its personal separable enterprise with a distinct management crew and the place Amazon’s shopper companies have been an necessary buyer however simply one in every of many necessary exterior clients,” Jassy instructed CNN of the choice in an interview for a 2019 CNN documentary on Amazon’s historical past. “We deal with Amazon’s shopper enterprise as an exterior buyer.”
On the time, many have been skeptical of the choice, provided that the computing enterprise was a far cry from Amazon’s core on-line retail actions. However Jassy has since overseen the expansion of AWS into the spine of a lot of the web — one thing he managed regardless of not having a lot of a tech background.
“He brings fairly a level of humility; individuals did not fairly understand who he was till just lately,” stated Jeffrey Sonnenfeld, a Yale Faculty of Administration professor. “He is positively very humble, he is not a self promoter, which is form of uncommon to be at this degree within the tech area.”
How a lot does he earn?
Jassy’s base wage, like that of a number of different high execs, was $175,000 in 2019, in response to Amazon’s most recent Proxy statement
revealed in 2020.
In 2019, his complete compensation was $348,809. However a 12 months earlier, his pay totaled greater than $19.7 million, due to a virtually $19.5 million inventory award that vested that 12 months. In contrast, Jeff Bezos’ base wage was $81,840, and complete compensation in 2019 was practically $1.7 million, although Bezos owns a bigger share of the corporate’s inventory (practically 15% of the whole, as of the 2020 Proxy assertion).
It’s unclear whether or not Jassy’s compensation will change after turning into CEO.
The succession plan
CNN’s Poppy Harlow asked him about his CEO ambitions
in an interview for a 2019 documentary about Amazon’s historical past.
On the time, Jassy stated he did not anticipate Bezos to depart his place within the close to future.
“I really feel very lucky that Jeff is just not going wherever anytime quickly, and none of us need him to. He is simply such an uncommon chief and a lot a part of the tradition that I feel he will be right here for a really very long time.”
Whereas he was coy about his plans — telling Harlow, “It is sort of arduous to think about life with out Jeff operating the corporate” — analysts say Bezos has been planning for the transition for years.
Yale’s Sonnenfeld, who authored a guide on CEO transitions known as “The Hero’s Farewell,” recalled a dialog with Bezos at a tech convention about seven years in the past throughout which the Amazon chief stated he’d studied the Invoice Gates-Steve Ballmer transition course of.
“This has been his plan,” Sonnenfeld stated of Bezos. “He needed to move this factor on as a wholesome enterprise, and that is the best time to do it.”