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Author Topic: Jeff Bezos and many top amazon executives leave in mass exodus  (Read 235 times)
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July 05, 2021, 03:25:24 PM
Merited by hugeblack (6), paxmao (1)
 #1

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An unusual number of vice presidents are leaving for prominent jobs at public companies or high-growth start-ups.

SEATTLE — When Andy Jassy is elevated to chief executive of Amazon on Monday, taking the reins from its founder, Jeff Bezos, it will be one of the most closely watched executive handoffs in years.

But a much less heralded — though still deeply meaningful — change has already been underway at the company. Dozens of executives in Amazon’s upper ranks have departed in the past 18 months, many after working there for over a decade.

It is an unusual level of disruption inside the business. The departing executives don’t represent a huge slice of the top ranks, with hundreds of vice presidents now. But for years, Amazon’s leaders were considered lifers. Many had been there since the company’s earliest days. They were loyal to Amazon, whose rising stock price often made them wealthy.

Mr. Bezos epitomized that relationship. So did Jeff Wilke, who led the global consumer business, and Steve Kessel, who ran its physical stores, and others who introduced and ran key programs, including Alexa, free delivery and large parts of its cloud business. Now those leaders are gone.

Having Mr. Wilke and Mr. Bezos leave so close together amounts to “epic, tectonic shifts,” said David Glick, a former Amazon vice president who is now the chief technology officer at Flexe, a logistics start-up.

Mr. Wilke and Mr. Kessel both retired, but many vice presidents are leaving for top jobs at public companies or high-growth start-ups. Teresa Carlson, who over a decade built Amazon’s government cloud business, in April became the chief growth officer of Splunk, which provides data software, and Greg Hart, who once shadowed Mr. Bezos for a year and then launched Alexa and Echo, is now the chief product officer at the real estate firm Compass. Maria Renz, another former Bezos shadow who started at Amazon in 1999, is now a senior executive at SoFi, the personal finance company.

“Amazon has done a better job than anyone in the history of the world at staying Day 1 longer,” said Mr. Glick, referring to a phrase Mr. Bezos used regularly to encourage employees to act as if they were at a start-up. “But you get to a point where you are so big, it can be hard to get things done. People want the fun of getting a little bit closer to the metal.”

He talks “every day,” he said, with Amazon leaders debating if they should make a jump.

“You have this set of people who got to V.P. and it’s like ‘OK, what do I do now?’” he said.

Amazon is facing a shift that earlier generations of tech companies experienced as they grew and their strong founders stepped aside, said David Yoffie, a professor at Harvard Business School who served on Intel’s board for 29 years. Amazon’s overall work force has doubled in the past year, to more than 1.3 million.

“Intel, Microsoft, Oracle — you see this pattern,” he said.

Even before a founder leaves, executives sense a business is approaching a new era, he said.

“People get the idea that Jeff is going to be transitioning, and that leads people to start thinking about other options,” he said, adding that as companies get large, executives can often find less bureaucracy and more financial upside if they leave.

“We’ve had and continue to have remarkable retention and continuity of leadership at the company,” said Chris Oster, an Amazon spokesman. The average tenure is 10 years for vice presidents and more than 17 for senior vice presidents, he added.

Mr. Bezos long played up the longevity of deputies. At a forum in 2017, an employee asked him about the lack of diversity on his senior team, known as the S-Team, which was almost exclusively white and male, and Mr. Bezos said it was a benefit that his top deputies had been by his side for years.

Any transition on the team, he said, would “happen very incrementally over a long period of time.”

In recent years, Mr. Bezos has stepped back from much of Amazon’s day-to-day business, focusing instead on strategic projects and outside ventures, like his space start-up, Blue Origin, giving his deputies even more autonomy.

Mr. Bezos, 57, re-engaged on day-to-day matters early in the pandemic. But in February, he announced that he planned to step down from running Amazon and would become executive chairman of the company’s board. On July 20, he is scheduled to fly aboard the first manned spaceflight of his rocket company.

Mr. Bezos’ handoff came not long after Mr. Wilke, long seen as a potential successor, announced his departure.

“So why leave?” Mr. Wilke wrote in an email to staff in August announcing his plan to retire. “It’s just time.” His last day was March 1.

Mr. Bezos anointed Mr. Jassy, 53, a long-serving deputy who built and ran the cloud computing division, to take over as chief executive. Mr. Jassy has worked so closely with Mr. Bezos that he has been viewed as a “brain double,” helping conceive and spread many of the company’s mechanisms and internal culture.

Shifts at the top have trickled down. With Mr. Jassy’s ascent, Amazon Web Services needed a new chief executive. It hired Adam Selipsky, who ran Tableau, a data visualization company that Salesforce acquired in 2019. Mr. Selipsky had worked at AWS until 2016, when the cloud business was a less than a third the size it is now.

Dave Clark, who had run Amazon’s logistics and warehousing operations, was promoted to Mr. Wilke’s former role, running the company’s entire consumer business. He had already taken over responsibility for Amazon’s physical stores after Mr. Kessel, an S-team member who started at Amazon in 1999, retired early last year.

Many of the senior leaders it has brought in from the outside have run large, mature businesses.

Alicia Boler Davis, a former General Motors executive and a protégé of G.M.’s chief executive, Mary Barra, joined Amazon in 2019 to run its vast fulfillment operations. Last year, she became the first Black member of the company’s senior leadership team. A former Boeing executive, David Carbon, now runs Amazon’s drone delivery team, and its video and studio business is led by Mike Hopkins, the former chairman of Sony Pictures Television.

Many other jobs are opening up, too. In April, the online business news site Insider tallied at least 45 vice presidents and other executives who had left Amazon since the start of 2020, and since then, at least a half-dozen more have departed.

Some have gone to leadership roles in public companies or well-funded start-ups, like American Airlines, Redfin, Stitch Fix and Stripe.

This week, Dorothy Li joined Convoy, a digital trucking network, after more than 20 years at Amazon. She said the pandemic had made her rethink her priorities. She saw how critical logistics were to serving people, and she was optimistic that making trucking more efficient could reduce emissions.

“There is a desire to go back to build, and the mission for Convoy really resonated with me,” she said.

As Convoy’s technology chief, she said, she viewed herself as a key part of the strategic leadership team. Three days into the new role, she said, “It’s exciting, exhilarating and a little nerve-racking, which is frankly part of what attracted me.”

Mr. Yoffie, the former Intel board member, said to expect even more shifts in the months ahead, as Mr. Jassy begins making changes as chief executive.

“They want to put their stamp on it,” Mr. Yoffie said. “They always do.”

https://www.nytimes.com/2021/07/02/technology/amazon-leadership-exits-bezos.html


....



Jeff Bezos stepping down as amazon CEO. With the departure of many top executives from amazon. Comes hot on the heels of the announcement of global 15% tax intiatives being up for consideration.

I wonder if they disapprove of global tax loopholes being closed enough to resign and search for other markets.

It could be a common trend in the business world. The Fertitta brothers sold the UFC when the push for unionization began to mobilize. Do start up founders time the market for their exit to correspond with significantly diminishing business conditions.

For those who invest or have an interest in stocks, would you recommend fading amazon stock under the expectation that whoever replaces Jeff Bezos and departing execs will be unable to fill their shoes.

Anyways historic moment unfolding here with amazon. How do people envision amazon's business model changing from here onwards. If it changes at all.
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July 05, 2021, 03:58:48 PM
 #2

Do start up founders time the market for their exit to correspond with significantly diminishing business conditions.
I doubt this is the case as some start up founder kickstart an idea inorder to sell it as they've accepted they do not have the means to scale. In this scenario, you'll need to time your exit for the best possible time inorder to get the best possible bargain out of a deal.
Unfavourable conditions could be a reason why one steps down from leadership, but I don't think it relates to most founders.

For those who invest or have an interest in stocks, would you recommend fading amazon stock under the expectation that whoever replaces Jeff Bezos and departing execs will be unable to fill their shoes.
I do not invest or have a deep interest in stocks, but I would not expect whoever replaces Bezos and the other excos to fail at filling the shoes, they could come with fresh ideas that will benefit the company positively and have had years to study the business model of their predecessors.

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July 05, 2021, 04:05:35 PM
 #3

I was thinking about this same topic recently.  I think you often see high level executives stepping down from that role when they get to that point, especially Bezos who's the richest man on earth.  I think he stepped down more so due to needing to free up time for other projects he has going on.  Bezos is very interested in space exploration and I imagine his focus is on Blue Origin more so than every these days so he'd rather have someone who has the time to solely focus on being CEO of Amazon and nothing else.  I wouldn't fade this stock.  Amazon is still a massive global power that continues to grow at a rapid pace, losing their CEO wont kill them.  Just take a look at Apple after Steve Jobs passed away.

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July 05, 2021, 04:10:50 PM
Merited by NeuroticFish (2), Hydrogen (1), Coyster (1)
 #4

Jeff Bezos stepping down as amazon CEO. With the departure of many top executives from amazon. Comes hot on the heels of the announcement of global 15% tax intiatives being up for consideration.

I wonder if they disapprove of global tax loopholes being closed enough to resign and search for other markets.
I don't know, to me it sounds like Bezos kind of just stepped back in during the pandemic to make sure things ran smoothly at Amazon, and now that everything has settled down somewhat he's stepping away again.  I don't think he's any less passionate about Amazon for deciding not to be the CEO anymore.  Howard Schultz did a similar thing with Starbucks a while back.

It also sounds like Bezos has all the money he'll ever need and wants to pursue this space venture of his, which actually sounds exciting.  If I were as wealthy as him, I might do something like that as well instead of having to be the CEO of an enormous corporation and having to deal with all the stresses that come along with the job.  Wouldn't any of you?

For those who invest or have an interest in stocks, would you recommend fading amazon stock under the expectation that whoever replaces Jeff Bezos and departing execs will be unable to fill their shoes.
I wouldn't be all that concerned about Amazon stock if I held their shares.  CEOs change all the time, and Amazon is at a place where it's so dominant that they'd have to pick a really lousy CEO in order to tank their business.  However, I would expect some changes to take place with a new CEO, because new ones usually think they have to prove themselves and that's usually by shaking up the company.  We'll see.

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July 05, 2021, 04:24:57 PM
Merited by Hydrogen (1)
 #5

Do start up founders time the market for their exit to correspond with significantly diminishing business conditions.
I doubt this is the case as some start up founder kickstart an idea inorder to sell it as they've accepted they do not have the means to scale. In this scenario, you'll need to time your exit for the best possible time inorder to get the best possible bargain out of a deal.
Unfavourable conditions could be a reason why one steps down from leadership, but I don't think it relates to most founders.

For those who invest or have an interest in stocks, would you recommend fading amazon stock under the expectation that whoever replaces Jeff Bezos and departing execs will be unable to fill their shoes.
I do not invest or have a deep interest in stocks, but I would not expect whoever replaces Bezos and the other excos to fail at filling the shoes, they could come with fresh ideas that will benefit the company positively and have had years to study the business model of their predecessors.

Jeff Benzos decided to step down way back and if I remember there was a article published back in February where he stepped down from his everyday duties and at the same time the article mentioned how they are thinking of using other technologies like delivery by drones etc . I do believe that we might see them happening soon. At the same time the new CEO have to answer to a lot of people, as you can see that the HR department of Amazon has a lot of probelms. The smaller workers have a lot of complaints since way back, maybe the new CEO can finally focus on that.

Apparently the guy who is taking over Amazon has been serving Amazon since a long time in the web service department and his name is Andy jassy, well he is someone who is not so well known but at the same time I believe the guy needs a chance, he is already very well familiar with the whole system and he can now proceed to give new ideas for the company. Let's see how well he does. Now we are entering a whole new era and I do Believe Amazon would have to continue to improve.

Benzos have everything that he ever wished for now and the guy wants to focus on new products and other new initiatives. I do wonder what will happen to stocks though. He left Amazon at a high time but the decision was made way before so I believe if we did not see a downturn we won't be seeing one now.

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July 05, 2021, 10:01:22 PM
 #6

Jeff Bezos stepping down as amazon CEO. With the departure of many top executives from amazon. Comes hot on the heels of the announcement of global 15% tax intiatives being up for consideration.

I wonder if they disapprove of global tax loopholes being closed enough to resign and search for other markets.

It could be a common trend in the business world. The Fertitta brothers sold the UFC when the push for unionization began to mobilize. Do start up founders time the market for their exit to correspond with significantly diminishing business conditions.

For those who invest or have an interest in stocks, would you recommend fading amazon stock under the expectation that whoever replaces Jeff Bezos and departing execs will be unable to fill their shoes.

Anyways historic moment unfolding here with amazon. How do people envision amazon's business model changing from here onwards. If it changes at all.

No, this has literally nothing to do with the global corporate minimum tax, which isn't even in force yet.  It's the norm in the business world for people to wrap up their stints at a company when the executive leadership undergoes a big change.

Amazon is such a behemoth and well-oiled machine that I wouldn't expect a change in leadership to have any impact on the stock price.  Betting against the stock price is asking for losses.

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July 05, 2021, 10:12:53 PM
 #7

I think the rationale behind his departure is that he no longer feels any sense of achievement by being there and there are some internal pressures that require him to step down for the good of the company. Now he is eager to start a new career as an astronaut and perhaps those executives may also follow him to space.

https://www.hindustantimes.com/science/in-race-to-space-it-s-virgin-galactic-vs-bezos-blue-origin-101625276825288.html

The funniest thing about Bezos wanting to be out of earth is the community that is forming around the idea of not letting him back in:

https://www.change.org/p/the-proletariat-do-not-allow-jeff-bezos-to-return-to-earth

I am pondering signing.

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July 05, 2021, 10:49:59 PM
 #8

I think the rationale behind his departure is that he no longer feels any sense of achievement by being there and there are some internal pressures that require him to step down for the good of the company. Now he is eager to start a new career as an astronaut and perhaps those executives may also follow him to space.

https://www.hindustantimes.com/science/in-race-to-space-it-s-virgin-galactic-vs-bezos-blue-origin-101625276825288.html

The funniest thing about Bezos wanting to be out of earth is the community that is forming around the idea of not letting him back in:

https://www.change.org/p/the-proletariat-do-not-allow-jeff-bezos-to-return-to-earth

I am pondering signing.

It's a cheeky move, but nothing more than an avenue for people to register their disapproval of his massive accumulation of wealth.  I don't necessarily have a problem with his wealth, except I think the tax system does need to be overhauled and wealth in the multi billions needs to be taxed.  I reckon a lot of the signers of that petition feel the same way.

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July 07, 2021, 02:28:29 AM
 #9

Given the fact that their business model virtually depends on low tax environments, it could be a possibility.

But it seems to me that Bezos is probably just more interested in his other ventures right now compared to Amazon which has been around for decades. Of course Blue Origin's race with Virgin Galactic at this point in his career is probably more significant to him.

Also, don't forget that the 15% global corporate tax is probably not going to change things substantially - it's way too low of a minimum to be binding in any strong sense.
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July 07, 2021, 04:19:12 AM
 #10

It's a cheeky move, but nothing more than an avenue for people to register their disapproval of his massive accumulation of wealth.  I don't necessarily have a problem with his wealth, except I think the tax system does need to be overhauled and wealth in the multi billions needs to be taxed.  I reckon a lot of the signers of that petition feel the same way.

Tax system needs a massive overhaul and there is no doubt about it. MacKenzie Scott received $60 billion worth of AMZN shares from Jeff Bezos as a part of the divorce package and not a penny of it was taxed. This loophole, which allows the transfer of shares from one individual to other without any tax liability needs to be overhauled. When someone transfers his shares to a different individual using the stock exchange, he is taxed for that. So I don't understand why direct transfers doesn't come under taxation. One thing is sure. These loopholes are mostly being used by the super-rich.
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July 07, 2021, 06:45:17 AM
 #11

Tax system needs a massive overhaul and there is no doubt about it. MacKenzie Scott received $60 billion worth of AMZN shares from Jeff Bezos as a part of the divorce package and not a penny of it was taxed. This loophole, which allows the transfer of shares from one individual to other without any tax liability needs to be overhauled. When someone transfers his shares to a different individual using the stock exchange, he is taxed for that. So I don't understand why direct transfers doesn't come under taxation. One thing is sure. These loopholes are mostly being used by the super-rich.
Even if we wish to, we don't have the power to do so because these people in the upper class are making sure that those loopholes are open for them no matter how obvious that loophole is because they don't want to pay taxes and they will do any means necessary to get that loophole going, even if there's coercion and lobbying involved.

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July 07, 2021, 06:51:36 AM
 #12

I don't think that the departure of Bezos has anything to do with the global 15% tax initiative.
He's just tired and wants to focus on other projects.
I also don't think that the Amazon business model will change.Letting people and companies re-sell cheap stuff imported from China?Sounds like a great business model to me,unless Alibaba steps in and starts competing with Amazon. Grin
Was Amazon even profitable after all those years?Is Amazon a giant tech bubble,that is about to pop?

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July 07, 2021, 07:47:29 AM
 #13

I think we have similar kind of discussion when Google and Alphabet CEO stepped down if I am not wrong.

Anyway this is purely for their benefits but they are not going to lose their decision making powers they just don't want to be in the position to avoid something like taxes, etc.









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July 07, 2021, 08:11:42 AM
 #14

I think we have similar kind of discussion when Google and Alphabet CEO stepped down if I am not wrong.

Anyway this is purely for their benefits but they are not going to lose their decision making powers they just don't want to be in the position to avoid something like taxes, etc.
That's probably the case because they probably have found another loop hole that they have exploited in terms of paying taxes, their influence will only get big and anytime soon we will see a neo fascist government that's run by corporations that only have their best in mind. Probably not even a neo since fascism is making the government like a corporation.
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July 07, 2021, 08:33:00 AM
 #15

The article isn't about just Jeff Bezos though. Its mainly about the team of leaders who have been with Amazon from the beginning and are now leaving for startups for the sake of a better culture. As the article itself points out, this has happened in technology companies for a long time. Tech companies are different from the industrial corporations that make actual products in factories and shop floors. Examples of such industrial corporations would be Siemens, GE or any of the automotive majors.

Tech companies don't have that sense of rootedness to the place that having a huge factory surrounded by living spaces of the executives and workers brings. The result is a much weaker sense of belongingness. I don't think that someone like a Henry Ford or a Thomas J Watson would have this kind of an almost flimsy relationship with the product of their toil like those in Amazon have.

I mean, Amazon is one of the biggest and all but at the base of it, all it really is, is a reseller. That kind of business would definitely not bring the kind of sense of achievement that building a more efficient engine or assembling the first mainframes would have brought. In hinsdsight thus, it seems natural that people leave.

If most of the top leadership leaves like this, the near future will put to test the Amazon culture. And from the complaints of those poor delivery people and warehouse workers, I doubt that they have a great culture of belongingness and employee ownership. As soon as the macro conditions created by the pandemic ease and Amazon starts facing competition from real world stores(which btw people are eager to visit from my personal experience), it may be time to revise those stock forecasts. Great companies survive on the strengths  of a great culture. And when it comes to company culture, Amazon is pretty much an upstart compared to several others. 
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July 07, 2021, 08:38:54 AM
 #16

But who is John Galt? that's what it reminds me of

I've been a Bitcoiner since 2010, and currently working on TheStandard.io, a next-generation stablecoin, and lending protocol.
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July 07, 2021, 11:53:56 AM
 #17

Many companies have achieved global success after their CEOs decided to give up their place, for example, the golden years of Apple were after the death of its founder.
After companies have suffered so badly, but I think Amazon has become big enough to be bigger than one person, and it would be wrong to judge the success of more than a decade as being one man.

I think the biggest loser of these things is the space company, they were the only ones in this field and now they have fierce competition.
The real winners are those who dream of spending a vacation in space, now we are sure that the competition between these two men will achieve this dream.
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July 07, 2021, 01:32:17 PM
 #18

Do start up founders time the market for their exit to correspond with significantly diminishing business conditions.

Humans feels bored doing the same stuff over and over again on a long time period so It is probably that they feel that they had enough on that specific business and its time to move on to another stuff, even Jack ma decided to step down as well and Elon Musk has alot of startup business as well. These top guys have all it takes to start another one anyway so they could pretty much do whatever they want to do

for example, the golden years of Apple were after the death of its founder.

No one know how it will turned out if its founder is still alive anyway.

R


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July 07, 2021, 04:19:29 PM
 #19

If Jeff Bezos' resignation from Amazon heats up the state of affairs that is currently busy drafting a 15% tax plan, it seems like too much media exaggeration.  I admit that the continued increase in taxes in the production sector will have a broad impact.  I personally don't like it when companies are regulated with large taxes even though the tax allocation in the country is not very transparent.  I look from my point of view in my country and don't really check the conditions in European countries.  Even though taxes are used for infrastructure and so on, this will have an impact on reducing company revenue and as a result companies will think of ways to lower their costs by increasing the price of their services or products.  the impact will be reversed on the people of the country itself.
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July 07, 2021, 06:31:33 PM
 #20

Or it could be that Jeff Bezos just wants to focus on other things that he can't obviously do being the head of Amazon. He's already amassed a huge fortune from Amazon, and perhaps it just occurred to him that this is no longer what he wants to do, and perhaps to give the helm to some other people whom he's been with through the ups and downs of the company.

Or again, to reduce taxes that they incur. That possibility is certainly not out of the picture.

As for the other high-ranking officials, perhaps they also wanted to pursue other things, or give the position to somewhere else. Or would also want to live a relaxed life without any responsibilities tied to a big company.
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