Amazon's CFO restated that Jeff Bezos is 'not leaving' the company, and will stay taken part in the most essential decisions: 'He is getting a brand-new job' (AMZN) thumbnail

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Summary List PlacementAmazon announced on Tuesday that its founder and CEO Jeff Bezos is stepping down later on this year, moving into a new role as executive chairman.
Andy Jassy, who runs the Amazon Web Services cloud system, will replace him.
While the news came as a surprise, Amazon CFO Brian Olsavsky tried to decrease the impact of the surprise move during the incomes call with experts late Tuesday, worrying that the modification became part of a long-lasting succession plan that keeps Bezos participated in the business’s crucial decisions.
” I will repeat that Jeff is not leaving,” Olsavsky said, according to a transcript offered by Sentieo. “He is getting a brand-new task.”.
In his brand-new role as executive chairman, Bezos will still be heavily included when it comes to Amazon’s essential tactical relocations, Olsavsky said. That means Bezos will assist deal with what’s internally called “one-way door problems,” he said– or “Type 1 decisions,” as Bezos explained in his 2016 yearly investor letter, which are big choices that are hard to reverse, such as major acquisitions or relocate to enter into the grocery market.
” Jeff has actually always been involved with that, which’s where he’ll keep his time concentrated on in his brand-new function,” Olsavsky said.
Still, Jassy will be the man in charge of Amazon’s everyday operations once Bezos steps down, enabling him to “put his imprint on Amazon,” Olsavsky stated.
” He is not just a visionary leader, he’s a strong operator,” Olsavsky stated, worrying how Jassy’s been with the company considering that1997 “He is definitely going to perform the culture and the vision and the development factory that Amazon is, and we’ll take that to the next level.”.
Olsavsky declined to say who will change Jassy as AWS CEO, just stating he’ll share more about it in the future. However he restated that Amazon has a “extremely efficient” succession preparation procedure, which includes an annual discussion on the advancement and expansion of key executive employee.
” I think there’s a great deal of bench strength within Amazon,” he said.SEE ALSO: Andy Jassy will be the next CEO of Amazon. Experts dish on what it resembles to work for Jeff Bezos’ follower who developed AWS into a $40 billion service.
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