Since Jeff Bezos left his post as CEO of Amazon, in mid-2021, the stock is down 43%.
That’s 5 times worse than the average stock in the S&P 500. It’s more than twice as bad as Google. It’s as bad as the performance of Meta, the artists formerly known as Facebook.
Amazon is also shedding employees faster than Bed, Bath & Beyond. Some 27,000 have been let go this year alone.
The job of running this company is simply too big for Andy Jassy.
The store is at war with itself, with third party sellers sabotaging Amazon’s own merchandising. The company’s physical retail effort has been a disaster. Walmart is beating it all to hell. The streaming unit is on an island. Jassy replaced himself with an outsider. Adam Selipsky had been at AWS 11 years but left to join Tableau Software and was recruited back by Jassy.
Morale at Amazon is at an all-time low. My own Amazon drivers used to be cheerful folks who looked forward to driving new electric vans. Now they’re in beat-up gas-powered garbage, they don’t say hello, sometimes they’re in personal cars, and one even blocked my driveway the other day. (I’m not going to report her. She was obviously overworked and under stress.)
Recent Comments