Bezos forced out as Amazon's CEO
On Tuesday, Jeff Bezos was forced out as Amazon's CEO. (In corporate slang, he was "kicked upstairs.") Amazon's Board of Directors may have had enough of him furthering leftist causes at stockholders' expense. The decision to shut down Parler on his watch chased away some future customers from Amazon's web hosting services and caused some conservatives to stop buying from Amazon, although his successor is the executive who gave the actual order. More worrying to the financial community, it opened Amazon to lawsuits and government regulation. Morningstar.com, a financial website, reports:
The leadership transition at Amazon will take place as it grapples with unprecedented scrutiny.
The company is currently the subject of probes from the Justice Department, the Federal Trade Commission, the European Union and other governing agencies about whether it participates in anticompetitive practices.
A few days ago, Forbes.com discussed Bezos's commitment of $2 billion of Amazon's money toward fighting climate change:
After facing criticism about its environmental record in recent years, Amazon is launching a new $2 billion venture capital fund — as part of its "Climate Pledge" announced last September — that will invest in clean energy and other technologies to reduce the impact of climate change, The Wall Street Journal first reported.
In May, Bezos created a palatial homeless shelter in one of Amazon's office buildings in downtown Seattle:
Amazon partnered with nonprofit organization Mary's Place to open the Mary's Place Family Center in The Regrade. The family shelter was built inside one of Amazon's office buildings. The facility is kept separate from Amazon offices through private entrances and acoustical isolation. The family shelter is an eight-floor, 63,000-square-foot facility.
The space has a large dining room, an industrial kitchen with commercial cooking equipment, office space for Amazon's legal team to provide support to shelter residents, and recreation spaces for children and teens.
Plazas and other public spaces surrounding the building were built to accommodate employees and shelter families.
Amazon's Board is responsible to Amazon's stockholders. Bezos will be free to pursue leftist causes, but not at Amazon stockholders' expense.
Editor's note: This item has been clarified on the matter of Bezos's successor.
Image: Jeff Bezos in 2018. YouTube screen grab.