Bezos Officially No Longer Amazon CEO
Amazon founder Jeff Bezos officially handed off his chief executive officer duties on Monday to Andy Jassy, who has been with the Seattle-based retailer since 1997.
Bezos becomes executive chairman and will focus on new projects and initiatives. Jassy previously ran Amazon Web Services, Amazon’s cloud-computing company that has grown into a multibillion-dollar business over two decades.
Amazon announced the move in February, saying the leadership transition would occur in its third quarter. Its third quarter just started but the date also marks the 27th anniversary of the company’s incorporation.
Without the day-to-day responsibilities, Bezos is free to focus on his spaceflight company Blue Origin. He’s scheduled to be on the company’s maiden human flight launch set for July 20 from a launch pad near Van Horn, Texas.
For the past two decades, Bezos has been part of the billionaire race to send tourists into space. Blue Origin has competed against billionaire Elon Musk’s SpaceX on government and commercial rocket launch business.
But British billionaire Richard Branson, founder of his own space company named Virgin Galactic, is scheduled to fly into orbit July 11.
Rest of Florida Tower Razed
State and local Florida officials conducted a controlled demolition late Sunday of the remaining portion of the partially collapsed Miami-area condominium tower, fearing that a tropical storm bearing down on the area would topple the structure.
For much of last Thursday, work crews halted searching the rubble of the collapsed portion of Champlain Towers South in Surfside after sensors revealed movement in parts of what was still standing. Crews resumed work late in the afternoon on parts of the site deemed safe.
A major part of the building collapsed in the early hours of June 24. No survivors have been found since the first day. The death toll reached at least 28 on Monday, with 117 still missing.
Miami-Dade County Mayor Daniella Levine Cava said Friday that razing the rest of the building could take weeks to accomplish.
That changed when hurricane forecasters charted Tropical Storm Elisa’s path toward South Florida. Officials accelerated demolition plans to ensure that the remaining structure didn’t fall in a direction that caused damage to the surrounding area.
The storm shifted west and now is projected to move through the Gulf of Mexico before curving back to make landfall north of Tampa. Still, high winds and rain are forecast for much of Florida.
Federal Jobs Report Shows Increase
Payrolls recovered at the fastest rate in 10 months, sending another strong signal that the economy is in full recovery.
The Labor Department reported that nonfarm payrolls grew by 850,000, with leisure and hospitality contributing the most with 343,000. That beat projections by some 150,000.
It’s also up from 583,000 in May, which was revised upward by 24,000 but was still below expectations.
Still, how the numbers played out mirrored payroll company ADP’s report earlier in the week that leisure and hospitality contributed to a large portion of private payrolls increasing 692,000. That sector’s 332,000 was more than half the increase in the service industry that dominated the report.
Unemployment, however, rose from 5.6% to 5.9% and the labor force participation rate remains stagnant at 61.6%.
The reported found that those who are unemployed because they quit their jobs to look for a new position increased 164,000 to 942,000 people. It reflects a trend as companies try to reopen their offices and people have more employment options.