Amazon CEO Andy Jassy faces huge challenges amid falling profits and negative numbers – TechCrunch

Andy, Amazon CEO Jassy is the definition of a company man. In an era when people change jobs frequently, he has been at Amazon for 25 years, rising all the way to president and CEO. But before reaching the corner office, he helped turn Amazon Web Services, his cloud arm, into a $60 billion behemoth.

It wasn’t exactly a promotion from the mail room, but Jassy was there as an aide-de-camp to founder Jeff Bezos when they came up with the idea for AWS in the early 2000s from an outside executive. He helped build it. He fed it. It became the jewel in the company’s crown.

So when Bezos announced he was stepping down early last year, it didn’t take long for the organization to turn to Jassy, ​​whose hard work at AWS and deep understanding of the company’s culture seemed to make him the perfect heir apparent.

But things haven’t necessarily gone according to plan since he took over as leader in July 2021. Much of what’s happened has been out of his control. Like many CEOs, he inherited the problems left behind by his predecessor.

During the pandemic, Amazon became the world’s general store. People caught up in the lockdown turned to Amazon to buy their products. The company’s revenues skyrocketed and its workforce exploded, with the organization adding a staggering 800,000 workers, mostly in its warehouses (according to The Wall Street Journal). The future was bright, but when Jassy took over last year, people were leaving again.

Suddenly, not everyone was buying everything online anymore. As we approached 2022, other macroeconomic factors began to affect commerce, online and in physical stores, as inflation soared and consumer purchasing power began to decline. Add to that the higher cost of energy and persistent supply chain issues, and suddenly Amazon faced some challenges that were beginning to have a serious impact on profits.

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