Andy Jassy was named as Jeff’s Bezos’ replacement for the position of CEO in a shareholder meeting that held in May. Amazon announced that Andy Jassy would take up his new role on the 5th of July, which is just about 48 hours away. This date also corresponds with Amazon’s 27th incorporation anniversary, and is therefore a strategic date to celebrate the company as well as usher in the new CEO.
In a filing made on Friday, Amazon said it will grant the incoming CEO 61,000 shares of stock on Monday the 5th of July, as he is ushered into his new role. The company also revealed that the shares will vest over a period of ten years. The stock Andy Jazzy will receive marks a financial acknowledgment of a high-priority change in leadership in the globally recognized company.
Andy Jazzy will step down from his role as CEO of Amazon Web Services (AWS) to become the CEO of the entire company. He is one of the company’s most important and trusted executives in the company’s history, which explains why he was chosen as replacement for Jeff Bezos in the first place. Andy Jassy became a part of Amazon in the late 90s and was tasked with exploring what would become Amazon Web Services (AWS) in 2003. He has been a major revenue driver for the company, helping the company attain new heights.
Andy Jassy has contributed significantly to Amazon Web Services as CEO, and this proves that he is proficient for the role and can lead the entire company towards new heights.
The shares that will be granted to Andy Jassy are worth $214 million at the company’s Friday closing price of $3,510.98 for each individual share. Andy Jassy already owns 0.02 percent of Amazon’s stock, which according to FactSet is worth nothing less than $300 million.
Adam Selipsky has been named by the company as Andy Jassy’s replacement. With his new position as CEO, he is expected to lead AWS to even greater heights and continue the legacy set by Andy Jassy.
Amazon’s employees, customers and the public are looking forward to a smooth transition and what Andy Jassy would accomplish as the Amazon’s new CEO.
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