Jeff Bezos is stepping into a more holistic role as executive chairman, meaning that Amazon is set to have a new CEO for the first time in its almost 27-year history. That person is Andy Jassy, who first joined Amazon in 1997.
In the context of Amazon's business Jassy's credentials couldn't be stronger. Back in 2006 he led the team that set up Amazon Web Services (AWS), and he has been involved in running the division under various titles ever since — most recently as CEO.
Although most consumers know Amazon for its global e-commerce prowess, it is actually AWS that is still the profit center at the company. Amazon's most recent numbers revealed 2020 revenue of $386bn. AWS made up only 12% of that revenue number, but its sky high profit margins mean it makes up almost 60% of Amazon's total operating profit.
Stacks on stacks
AWS is so profitable because Amazon has been able to stack products on top of products on top of products. The website currently lists more than 175 different services from database storage, machine learning tools, blockchain networks, server hosting and application integration - to name but a few. That huge array of products wins them business from small companies, big companies, and governments.
