Jeff Bezos is the man behind one of the largest and most diversified companies on the planet – Amazon. When he made the announcement that he would be stepping down and the CEO of the company, it marked a huge shift in the market landscape and the end of an era for this titan of Industry. Bezos had founded Amazon in the garage of his rented home in Seattle, 1994. What started as an online bookstore all those decades ago, morphed into a mammoth of a company, that is worth over $1.7 trillion. Over the years the company has shifted focus from online retail to e-commerce, cloud computing, healthcare, banking and much more. It is now at a point where it would be easier to make a list of industries that Amazon is not involved in.
On July 5, Bezos will be officially stepping down as the CEO of the retail giant and his shoes will be filled by the Amazon Web Services CEO, Andy Jassy. The Amazon Web Services wing served as a major backbone of the company in the early years. The company’s cloud-computing tool was used to power the website and the businesses of third-party vendors on the platform. With the understanding that they could sell cloud services to other companies and businesses, the Amazon Web Services (AWS) division took off in 2006.
Amazon Web Services has since become a massive entity in its own way and made up around 52 per cent of Amazon’s operating income in the last quarter as per CNBC. It helps stabilise the business and generates enough income to offset the losses from the overall company. This is how Amazon always seems to find itself funding and investing in other ventures.
The Principles that Laid the Foundation
Bezos’ success as a CEO is also due in part to his business principles. One of the main ones being that he treats every day as if it was day one. Other principles include being customer obsessive, take ownership, invest and simplify, learn and be curious, hire and develop, think big, frugality, earn trust, dive deep and many more.
These principles have become pillars of the company and has slingshot him into the forefront of the industry. In 2017, he became the richest man in the world and in 2018, he was the richest man in modern history, with a net worth of $150 billion. In August of 2020, this network skyrocketed to $202 billion.
Lately, he has been involved in several philanthropic endeavours such as the ‘Day 1 Fund’, which focuses on giving aid to homeless people, building schools in low-income neighbourhoods and much more. He gave his reasoning for stepping down saying that it would allow him “time and energy” to focus on things like this, things that he is passionate about, according to a report by CNBC.
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