Insider CEO comments on Jeff Bezos’ astounding career and accomplishments
- Jeff Bezos to officially step down as Amazon CEO on July 5th.
- Insider CEO discusses Bezos' legacy on CNBC's "Squawk Box".
- Cloud-computing boss, Andy Jassy, to become the new CEO.
Jeff Bezos will officially step down as the CEO of Amazon.com Inc (NASDAQ: AMZN) on July 5th – an event that many would call an end of an era.
Bezos started a company in 1994 that evolved from an online book store to a technology giant that today provides a backbone to the entire worldwide web.
Henry Blodget lauds Amazon’s business model
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Commenting on his legacy, CEO Henry Blodget of Insider Inc said on CNBC’s “Squawk Box”:
“I remember some very smart people wagging their fingers at me, very charmingly, in the late 1990s, saying Henry, this is crazy, it’s a book store. Maybe in the beginning it was. But Jeff had a vision that was much bigger than that.”
Henry lauded Amazon’s unique business model and its bold, confident, and disciplined decision to reinvest everything into growth for years before shifting focus to cash flow generation. It enabled Amazon to evolve at a rate that companies with a strict emphasis on a huge bottom line only can never match.
“I remember one of their biggest shareholders explain to me back in 2013 that if you strip out all of the experiments and enormous investments going into these things that are still pretty speculative, the core business itself is pretty profitable. And you’re not buying at a particularly high multiple. That’s why Amazon stock has suddenly started to do so well,” Henry added.
Andy Jassy to take over as Amazon’s CEO
Henry described Bezos as ‘smart, bold, and wise with huge tolerance for criticism and failures” during his interview with CNBC. Shares of the company opened more than 0.5% up on Friday. The $1.74 trillion has a price to earnings ratio of 65.73.
Amazon’s cloud-computing boss, Andy Jassy, will fill the shoes for Jeff Bezos as the company’s chief executive from next week. Bezos will remain the executive chairman of Amazon’s board.