Amazon.com founder Jeff Bezos prepares to leave his role as the firm’s CEO, in order to explore his true passion; space!
Bezos will step down as CEO in the third quarter. The new CEO will be Andy Jassy, who runs the Amazon Web Services (AWS) cloud business.
Currently, Bezos serves as Amazon’s (ticker: AMZN) CEO and will remain executive chairman.
Elon Musk and Jeff Bezos battle over who will colonize space first!
“The level of independence of the board will decline because you’re now adding the CEO,” says Dieter Waizenegger, executive director of CtW Investment Group, which works with union pensions. “The board will also need to manage the dynamics between the executive chairman and the CEO, increasing the risk that there are [competing interests] that may require more effort to navigate.”
“It probably puts additional strain on the board’s independent members,” Waizenegger added, in an interview with Barron’s.
Amazon was not available to comment.
Amazon has faced criticism in the past about the independence of its board, partly because Bezos is both chairman and CEO. In the last proxy season, the AFL-CIO Reserve Fund proposed that the board have an independent chair, arguing that the independent chairman “is best positioned to build up the oversight capabilities of our directors.” The proposal failed.
“That will be more of a challenge given the new administration,” says Waizenegger. Meanwhile, the European Union charged Amazon with using its access to the nonpublic data of its third-party sellers to increase sales of its own goods. The firm reportedly faces a potential fine as high as $19 billion.
So maybe there is room for a blackownedamazon.com after all! Things change and you can’t see the future so as the old saying goes, never say never. Just shop at https://blackownedamazon.com/ from now on!
Jeff Bezos thinks that humans will one day spend their days away from planet Earth and is keen to cash in on this vision by colonizing one of the key future locations of the space travel industry: the moon.
At the Space Development Conference in Los Angeles, Bezos, owner of a private spaceflight company called Blue Origin, said he can see the moon one day becoming the manufacturing sector of the universe!
In a few years, the billionaire predicts that heavy industry, the manufacturing of large, heavy articles and materials in bulk, will move to other planets, the moon and even asteroids, leaving Earth as a place for “residential and light industrial.”