Amazon Gains Over 3.5 Percent As Traders Welcome New CEO

Published July 7th, 2021 - 07:30 GMT
Amazon Gains Over 3.5 Percent As Traders Welcome New CEO
Andy Jassy, as he is usually called, took over from Amazon’s iconic founder Jeff Bezos on Monday. (Shutterstock)

Amazon (NASDAQ:AMZN) rose more than 3.5% during Tuesday’s trading on high hopes for the company’s new president and CEO Andrew R. Jassy, a veteran at the cloud-computing and retail giant.

Andy Jassy, as he is usually called, took over from Amazon’s iconic founder Jeff Bezos on Monday.

Jassy, a 53-year-old MBA from Harvard, joined Amazon in 1997 as a marketing manager.

Before taking over his current role, Jassy headed Amazon Web Services, the cloud services unit of the company that he had also helped create. AWS made an operating profit of $13.5 billion on revenue of $45 billion last year.

In connection with Jassy’s promotion, the company has approved giving him 61,000 shares of its common stock. The shares will vest over 10 years. He has also been provided security.

The shares are worth $222 million as per the current price of $3,640.95.  

A WSJ profile of Jassy described him as “as soft-spoken and approachable in a way that some say Mr. Bezos isn’t."


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