Amazon.com, 2021

In February 2021, Amazon announced 2020 operating profits of $22,899 million, up from $2,233 million in 2015, on sales of $386 billion, up from $107 billion five years earlier (see Exhibit 1).1 The shareholders expressed their satisfaction (see Exhibit 2), but not all were happy with Amazon’s meteoric rise. Many traditional retailers in the United States were going bankrupt, while major competitors such as Walmart and Best Buy were forced to invest aggressively in online retailing to prevent their market share from eroding. Every retail sector appeared to be under threat, fueling anxieties that Amazon and America’s other tech giants were becoming too big and powerful. These anxieties were only exacerbated by the COVID-19 pandemic, during which Amazon grew rapidly, while most traditional retailers foundered. Amazon’s increasingly clear ambitions in healthcare and autonomous vehicles were also causing concern. In early 2021, Amazon was drawing criticism from across the political spectrum in the United States, with calls for it to be broken up.2 The European Union was also investigating its practices.3 Meanwhile, on February 2, 2021, Amazon reported that company founder and CEO Jeff Bezos would step down from his role and become executive chairman of the board. Andy Jassy, the leader of Amazon Web Services (AWS) would become the new CEO.4 How would Jassy navigate the many challenges to come and continue Amazon’s record of success