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Jeff Bezos is stepping down as Amazon CEO

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Amazon founder Jeff Bezos will step down from his role as chief executive later this year and transition to the role of executive chair, the company said Tuesday. He will be replaced by Andy Jassy.

Bezos has been Amazon’s CEO since its founding in 1995. He oversaw its growth from an online bookseller into a $1.7 trillion global retail and logistics behemoth, which has also made Bezos into one of the world’s richest people. Jassy has worked for Amazon since 1997 and currently serves as CEO of the company’s cloud business, Amazon Web Services, its biggest profit driver.
“This journey began some 27 years ago. Amazon was only an idea, and it had no name,” Bezos wrote letter to employees Tuesday. “The question I was asked most frequently at that time was, ‘What’s the internet?’ … Today, we employ 1.3 million talented, dedicated people, serve hundreds of millions of customers and businesses, and are widely recognized as one of the most successful companies in the world.”
The news came as part of Amazon’s fourth-quarter earnings report. The company handily beat Wall Street analysts’ projections for both sales and profit, capping a banner year as the pandemic boosted its retail and cloud businesses.
The company’s shares were essentially flat shortly after the market closed Tuesday, but gained almost 1% two hours after the closing bell. Amazon’s stock has grown nearly 69% over the past year.
Andy Jassy, who currently heads Amazon Web Services, will take over as Amazon CEO from Jeff Bezos later this year.

Massive earnings beat

Amazon (AMZN) posted quarterly net sales of $125.6 billion, up 44% from the same period in the prior year and well ahead of the $119.7 billion Wall Street analysts had projected.
Net income in the quarter hit $7.2 billion — nearly double the $3.7 billion Wall Street predicted and more than double the $3.3 billion in income the company earned in the year-ago quarter. Earnings per diluted share were $14.09.
The quarterly results include sales from Prime Day, which was held October 13-14 after being postponed over the summer because of the pandemic. Sales from Prime Day, as well as continued demand for online shopping as Covid-19 cases surged, contributed to 40% year-over-year growth in Amazon’s net sales in North America, which totaled more than $75 billion. International sales jumped 57% to nearly $37.5 billion.
Amazon said it delivered more than a billion products to customers worldwide during a “record-breaking holiday season.”
Revenue from Amazon Web Services grew 28% from the prior-year quarter to more than $12.7 billion, which the company attributed to “significant customer momentum,” including new commitments and migrations to the cloud by the likes of JPMorgan Chase (JPM), Twitter (TWTR), Metro-Goldwyn-Mayer, among others. AWS posted full year revenue of more than $45 billion and operating income of $13.5 billion.
“AWS is well on its way to creating an annualized $50 billion revenue company,” Patrick Moorhead, principal analyst at Moor Insights and Strategy, said in an emailed statement. “This makes AWS larger than Salesforce.com and SAP combined. Equally impressive is that AWS delivered over half of the company’s operating profit.”
 The company’s “other revenue,” which primarily includes advertising, grew 64% during the quarter, an acceleration in growth from the two previous quarters, CFO Brian Olsavsky said on a call with analysts Tuesday.
Amazon’s strong overall sales performance “may obscure the more important story of Amazon’s surging ad business,” eMarketer Principal Analyst Andrew Lipsman said in a statement. “Two consecutive quarters of huge bottom-line beats in the face of rising operational costs and softening AWS growth points to a much more profitable ads business than previously appreciated.”
As for the full year results, Amazon reported total net sales increased 38% to $386.1 billion, more than $6 billion more than analysts had projected. Net income for 2020 reached $21.3 billion, or $41.83 per diluted share, an increase of nearly 84% from a year earlier.
The strong growth in profit came even as Amazon spent more than $11.5 billion on pandemic-related costs in 2020, Olsavsky said on the call. That includes $2.5 billion in additional Covid-related employee pay and ramping up in-house employee testing. Despite those efforts, Amazon has faced intense scrutiny over its warehouse safety during the pandemic.
Nucleus Research analyst Daniel Elman said he’s “not entirely surprised” to see the huge jump in annual sales “given the worldwide shift to e-commerce in light of the pandemic.”
“With this change in consumer behavior likely to remain permanent, and Amazon’s accelerating shipping and fulfillment speeds, the company’s dominance as the go-to platform for e-commerce will remain unchallenged,” Elman said.
For the current quarter, Amazon anticipates revenue will grow between 33% and 40% compared to the prior-year quarter to between $100 billion and $106 billion. The company also expects to incur approximately $2 billion in costs related to Covid-19 during the current quarter, putting quarterly income guidance at between $3 billion and $6.5 billion, compared to the $4 billion Amazon earned in the first quarter of 2020.

Bezos stepping down

Bezos said in his Tuesday letter that he is excited for the transition, which will free up more time for him to work on outside projects. As executive chair of Amazon, he will focus on “new products and early initiatives,” he said.
“Being the CEO of Amazon is a deep responsibility, and it’s consuming,” Bezos wrote. “When you have a responsibility like that, it’s hard to put attention on anything else. As Exec Chair I will stay engaged in important Amazon initiatives but also have the time and energy I need to focus on the Day 1 Fund, the Bezos Earth Fund, Blue Origin, The Washington Post, and my other passions. I’ve never had more energy, and this isn’t about retiring. I’m super passionate about the impact I think these organizations can have.”
He added that Jassy “will be an outstanding leader, and he has my full confidence.”
Jassy is an obvious choice for the top job, especially after Jeff Wilke, the head of the company’s worldwide consumer division and another veteran Amazon leader, announced his retirement in August. Jassy is a longtime member of Amazon’s elite leadership group, the “S-team,” and has overseen the growth of AWS into a cash cow and the world’s biggest cloud computing provider.
The cloud computing market is expected to expand even further in coming years as the pandemic accelerates companies’ adoption of cloud, as they aim to be more effective in an era of digital-first interactions.
“Andy Jassy stepping into the CEO role at Amazon is a natural fit,” Tim Hubbard, assistant professor at the University of Notre Dame’s Mendoza College of Business said in an emailed comment. “Amazon Web Services is a powerhouse within the company, driving a lot of profitability. The transition may indicate that for the core of the company, it’s going to continue down the path it’s going.”
SOURCE: CNN
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My marriage to Jada Pinkett is not monogamous – Will Smith reveals he and his wife have had other relationships

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American actor Will Smith has revealed that he and his wife, Jada Pinkett Smith have had sexual relationships with other people throughout their marriage. (more…)

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Miguel and Nazanin Mandi Separate After 17 Years of Being Together and 3 years married

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American singer-songwriter, Miguel and his model and actress wife, Nazanin Mandi are going their separate ways.

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R. Kelly found guilty in sex trafficking trial

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R&B superstar R Kelly has been convicted in a sex trafficking trial in the United States after decades of avoiding criminal responsibility for numerous allegations of misconduct with young women and children. (more…)

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Angelina Jolie and The Weeknd fuel dating rumors

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R. Kelly mocked as his alleged current net worth is negative $2 Million

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According To A New Report, The Disgraced RnB Singer’s Assets Are Listed At A Negative $2 Million As He Told A Judge Last Year That He Wasn’t A Flight Risk As He Owed $1.9 Million In Back Taxes. (more…)

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Ladipoe and Nasty C nominated for BET Hip Hop Awards Best International Flow

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BET has announced DOUBLE DIAMOND SELLING SUPERSTAR rapper and entrepreneur Nelly as the ‘BET Hip Hop Awards’ recipient of the 2021 “I Am Hip Hop” Award. From chart-topping hits that include “Hot in Herre,” “Dilemma” (feat. Kelly Rowland), “Country Grammar,” “Ride Wit Me,” and “Cruise” (with Florida Georgia Line), to his popular fashion line “Apple Bottoms,” to starring in the hit series Real Husbands of Hollywood, and his own reality show Nellyville, the charismatic, multi-platinum music icon will be celebrated for his massive contributions to music and the culture at large.  The 2021 ‘BET Hip Hop Awards’ will air from the Cobb Energy Performing Arts Centre in Atlanta, GA,  and will premiere 06 October 2021 on BET Africa (DStv Channel 129, GoTV Channel 21) at 02:00 WAT/03:00 CAT and repeats at 19:00 WAT/ 20:00 CAT on the same day.

Monde Twala, Senior Vice President and General Manager of ViacomCBS Networks Africa and Peer Lead BET International commented, “Congratulations to Nelly for well deserved recognition of the “I am HIP HOP Award”. The BET Hip Hop Awards continues to celebrate and recognise the best in Hip Hop culture, and we look forward to continuing the elevation of black culture, black excellence, black entertainment and hip-hop culture globally. We wish all our nominees across Africa, UK, Europe, South America and beyond the best at this year’s awards.”

“I am honoured to receive this award and humbled to be in such great company of past artists who have received this award,” said Nelly, this year’s I Am Hip Hop Award recipient. “I have been blessed to work with some incredible people in my career, making 22 years go by in the blink of an eye. This award isn’t just about Nelly; it is about my fans, BET, and the people that continue to support me and allow me to do what I love to do.”

Nigeria’s Ladipoe and South Africa’s Nasty C fly the African flag high as previously announced nominees for the 2021 Best International Flow category.

Previously announced nominees include Cardi B, Lil Durk, and Megan Thee Stallion, leading the pack with nine nominations each, followed by Drake with an impressive eight nods. Tyler, The Creator and Metro Boomin tie for third-most nominations securing four nods each. Other notable nominees include 21 Savage, DJ Khaled, J. Cole, and Pooh Shiesty, who received three each. Bia, Chris Brown, Doja Cat, Jay Z, Lil Nas X, Migos, Nicki Minaj, Roddy Ricch, Saweetie, Young Thug, and Yung Bleu received two nominations. For the full list of nominees, selected by a voting academy of esteemed music industry insiders, click HERE.

Voting for the 2021 ‘BET Hip Hop Awards’ DJ of the Year and Best Hip Hop Platform is now open: https://www.votehiphopawards.com

For more information on the BET “Hip Hop Awards visit www.betafrica.tv, like and chat to us on Facebook at www.facebook.com/BETinAfrica, or join the conversation on Twitter and Instagram @BET_Africa

See below for the complete list of 2021 “BET HIP HOP AWARDS” Official Nominees:

BEST INTERNATIONAL FLOW

LADIPOE (NIGERIA)

NASTY C (SOUTH AFRICA)

XAMÃ (BRAZIL)

LAYLOW (FRANCE)

GAZO (FRANCE)

LITTLE SIMZ (UK)

DAVE (UK)

HIP HOP ALBUM OF THE YEAR

A GANGSTA’S PAIN​​​ (MONEYBAGG YO)

CALL ME IF YOU GET LOST (​​TYLER, THE CREATOR)

CULTURE III​​​​ (MIGOS)

GOOD NEWS​​​​ (MEGAN THEE STALLION)

KHALED KHALED (​​​DJ KHALED)

SAVAGE MODE II​​​ (21 SAVAGE & METRO BOOMIN)

THE OFF-SEASON​​​ (J. COLE)

SONG OF THE YEAR

BACK IN BLOOD ​​​PRODUCED BY YC (POOH SHIESTY FEAT. LIL DURK)

LATE AT NIGHT ​​​PRODUCED BY MUSTARD (RODDY RICCH)

LAUGH NOW CRY LATER.​PRODUCED BY G. RY, CARDOGOTWINGS, ROGET CHAHAYED & YUNG EXCLUSIVE (DRAKE FEAT. LIL DURK)​

UP ​PRODUCED BY YUNG DZA, SEAN ISLAND, DJ SWANQO (CARDI B)

WAP ​PRODUCED BY AYO & KEYZ (CARDI B FEAT. MEGAN THEE STALLION)​

WHOLE LOTTA MONEY (REMIX) ​PRODUCED BY LONDON JAE, BEATGODZ, TEE ROMANO (BIA FEAT. NICKI MINAJ)​

HIP HOP ARTIST OF THE YEAR

CARDI B

DRAKE

J. COLE

LIL BABY

MEGAN THEE STALLION

TYLER, THE CREATOR

BEST HIP HOP VIDEO

CARDI B​​​​​​UP

CARDI B FEAT. MEGAN THEE STALLION​​WAP

CHRIS BROWN & YOUNG THUG ​​​GO CRAZY

DRAKE FEAT. LIL DURK​​​​LAUGH NOW CRY LATER

LIL NAS X​​​​​​MONTERO (CALL ME BY YOUR NAME)

SAWEETIE FEAT. DOJA CAT​​​​BEST FRIEND

BEST NEW HIP HOP ARTIST

BLXST

COI LERAY

DON TOLIVER

MORRAY

POOH SHIESTY

YUNG BLEU

BEST COLLABORATION

21 SAVAGE & METRO BOOMIN FEAT. DRAKE​MR. RIGHT NOW

BIA FEAT. NICKI MINAJ​​​​WHOLE LOTTA MONEY (REMIX)

CARDI B FEAT. MEGAN THEE STALLION​​WAP

DJ KHALED FEAT. LIL BABY & LIL DURK​​EVERY CHANCE I GET

DRAKE FEAT. LIL DURK​​​​LAUGH NOW CRY LATER

POOH SHIESTY FEAT. LIL DURK​​​BACK IN BLOOD

BEST DUO OR GROUP

21 SAVAGE & METRO BOOMIN

CHRIS BROWN & YOUNG THUG

CITY GIRLS

FUTURE & LIL UZI VERT

LIL BABY & LIL DURK

MIGOS

BEST LIVE PERFORMER

BUSTA RHYMES

CARDI B

DABABY

DOJA CAT

MEGAN THEE STALLION

TYLER, THE CREATOR

LYRICIST OF THE YEAR

BENNY THE BUTCHER

DRAKE

J. COLE

LIL BABY

MEGAN THEE STALLION

NAS

VIDEO DIRECTOR OF THE YEAR

COLE BENNETT

COLIN TILLEY

DAVE MEYERS

DIRECTOR X

HYPE WILLIAMS

MISSY ELLIOTT

DJ OF THE YEAR

CHASE B

D NICE

DJ CASSIDY

DJ DRAMA

DJ ENVY

DJ JAZZY JEFF

DJ SCHEME

KAYTRANADA

PRODUCER OF THE YEAR

DJ KHALED

HIT-BOY

METRO BOOMIN

MUSTARD

THE ALCHEMIST

TYLER, THE CREATOR

HUSTLER OF THE YEAR

CARDI B

DRAKE

LIL BABY

MEGAN THEE STALLION

SAWEETIE

YUNG BLEU

BEST HIP HOP PLATFORM

COMPLEX

GENIUS

HIP HOP DX

HOT NEW HIPHOP

THE BREAKFAST CLUB

THE SHADE ROOM

WORLDSTAR HIPHOP

XXL​

SWEET 16: BEST FEATURED VERSE

CARDI B​​​​TYPE SHIT (MIGOS FEAT. CARDI B)

DRAKE​​​​​HAVIN’ OUR WAY (MIGOS FEAT. DRAKE)

JAY-Z​​​​​WHAT IT FEELS LIKE (NIPSEY HUSSLE FEAT. JAY-Z)

LIL DURK​​​​BACK IN BLOOD (POOH SHIESTY FT. LIL DURK)

MEGAN THE STALLION​​ON ME (REMIX) (LIL BABY FT. MEGAN THEE STALLION)

RODDY RICCH​LEMONADE (REMIX) (INTERNET MONEY FEAT. DON TOLIVER & RODDY RICCH)

IMPACT TRACK

BLACK THOUGHT​​​THOUGHT VS EVERYBODY

LIL NAS X​​​​MONTERO (CALL ME BY YOUR NAME)

LIL BABY & KIRK FRANKLIN ​​WE WIN

MEEK MILL FEAT. LIL DURK​​PAIN AWAY

NIPSEY HUSSLE FEAT. JAY-Z​​WHAT IT FEELS LIKE

RAPSODY​​​​12 PROBLEMS

Join the conversation on social media by logging on to multiple BET social media platforms: On Twitter by using the hashtag: #HipHopAwards; follow @HipHopAwards and @BET On Facebook by liking the fan page at facebook.com/HipHopAwards.

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