KEY POINTS

  • Amazon's incoming CEO Andy Jassy is worth an estimated $400 million
  • He is the CEO of Amazon Web Services
  • Jeff Bezos will be transitioning from CEO to executive chair in the third quarter of this year

Andy Jassy has an estimated net worth of $400 million. He is set to be named the new CEO of Amazon after Jeff Bezos announced he is stepping down from the position this year.

The incoming Amazon CEO has been part of the company since 1997 and is a member of its elite team. Jassy started as marketing manager at Amazon and worked his way up to being the CEO of its most profitable division. 

Under Jassy's leadership, Amazon Web Services (AWS) posted full-year revenue of at least $45 billion and operating income of $13.5 billion, CNN reported. Cloud computing is expected to expand more in the next years, with companies and customers opting for more digital interactions moving forward in the post-pandemic era. 

Experts see a seamless transition in the leadership role at Amazon. Jassy received a compensation package worth $348,809 in 2019. It was a far cry from the $19.7 million total compensation the tech executive made in 2018, a report from Salary.com revealed.

The bulk of the 2018 compensation came from stock award value, which totaled $19.4 million. The Scarsdale, New York native received an annual salary of $175,000 for both years. 

The 53-year-old reportedly owns 90,000 Amazon shares that are worth around $300 million, according to Celebrity Net Worth.

On the personal side, Jassy is married to Elana Rochelle Caplan, and they have two children together. The multimillionaire earned both his bachelor’s degree and MBA at Harvard University. 

Bezos will relinquish his post as CEO to Jassy in the third quarter of 2021, though he said he will still serve as executive chairman of Amazon.

The move will supposedly enable him to focus more on projects outside Amazon and new products. The move seems to have come at the perfect timing as the company established growth in all areas amid the pandemic.

As companies struggled to battle the logistics nightmare and restrictions brought by COVID-19, exacerbated by dwindling foot traffic in malls and stores, Amazon kept its place on top of global companies and even strengthened further its offerings.

The global logistics and retail giant posted 69% growth in the past 12 months. The revenue was boosted by Prime Day, which was initially postponed due to the health crisis. 

The net income for the quarter totaled $7.2 billion, which exceeded the estimates of Wall Street. As companies shifted their focus online, it also drove up the revenue of AWS.

Amazon Founder and CEO Jeff Bezos, seen here at a 2019 conference, said he would transition to become executive chair of the tech giant later this year as Andy Jassy becomes CEO Amazon Founder and CEO Jeff Bezos, seen here at a 2019 conference, said he would transition to become executive chair of the tech giant later this year as Andy Jassy becomes CEO Photo: AFP / Mark RALSTON