Jeff Bezos steps down as Amazon CEO

[ZiprHead]

Andy Jassy, the chief executive of Amazon Web Services, will take over as CEO of Amazon.

Jeff Bezos said Tuesday that he will step down as chief executive of Amazon, leaving the helm of the company he founded 27 years ago.

Bezos will transition to the role of executive chair in the third quarter of this year, which starts July 1, the company said. Andy Jassy, the chief executive of Amazon Web Services, will take over as CEO of Amazon.

In a memo to employees, Bezos said the transition will give him "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."

 

[Patooka]

I guess that settles it then. The Expanse is only going to be six seasons long.

 

[ZiprHead]

Federal Trade Commission Orders Amazon to Pay Drivers $61 Million in Stolen Pay

On Tuesday, the Federal Trade Commission (FTC) announced that it will be fining Amazon $61.7 million for using drivers’ tips to pay their salary for over two and a half years.

“Today, the FTC is sanctioning Amazon.com for expanding its business empire by cheating its workers,” said FTC Commissioner Rohit Chopra in a statement. “The Commission’s complaint charges that the company secretly began cutting its payments to drivers, and siphoning their tips to make up the difference. In total, Amazon stole nearly one-third of drivers’ tips to pad its own bottom line.” The FTC has ordered that the $61.7 million go back to the workers who were shorted pay.

The drivers were employed through Amazon’s Flex service, a package delivery service that was meant to compete with FedEx and UPS in 2015. The workers, who are contractors and not employees, were sold a job with competitive pay: Amazon promised to pay them $18 to $25 an hour, plus 100 percent of the tips that they received. But instead, Amazon used the tips to pay the drivers their base pay, shorting them of tips in order to save themselves millions.

 

[J842P]

Federal Trade Commission Orders Amazon to Pay Drivers $61 Million in Stolen Pay

On Tuesday, the Federal Trade Commission (FTC) announced that it will be fining Amazon $61.7 million for using drivers’ tips to pay their salary for over two and a half years.

“Today, the FTC is sanctioning Amazon.com for expanding its business empire by cheating its workers,” said FTC Commissioner Rohit Chopra in a statement. “The Commission’s complaint charges that the company secretly began cutting its payments to drivers, and siphoning their tips to make up the difference. In total, Amazon stole nearly one-third of drivers’ tips to pad its own bottom line.” The FTC has ordered that the $61.7 million go back to the workers who were shorted pay.

The drivers were employed through Amazon’s Flex service, a package delivery service that was meant to compete with FedEx and UPS in 2015. The workers, who are contractors and not employees, were sold a job with competitive pay: Amazon promised to pay them $18 to $25 an hour, plus 100 percent of the tips that they received. But instead, Amazon used the tips to pay the drivers their base pay, shorting them of tips in order to save themselves millions.

Tip stealers should be jailed for theft, not fined.

In any case, I doubt this is related to his resignation. If I were to speculate, growing calls for anti-trust action against the tech giants is much more salient.

 

[Jarhyn]

Federal Trade Commission Orders Amazon to Pay Drivers $61 Million in Stolen Pay

On Tuesday, the Federal Trade Commission (FTC) announced that it will be fining Amazon $61.7 million for using drivers’ tips to pay their salary for over two and a half years.

“Today, the FTC is sanctioning Amazon.com for expanding its business empire by cheating its workers,” said FTC Commissioner Rohit Chopra in a statement. “The Commission’s complaint charges that the company secretly began cutting its payments to drivers, and siphoning their tips to make up the difference. In total, Amazon stole nearly one-third of drivers’ tips to pad its own bottom line.” The FTC has ordered that the $61.7 million go back to the workers who were shorted pay.

The drivers were employed through Amazon’s Flex service, a package delivery service that was meant to compete with FedEx and UPS in 2015. The workers, who are contractors and not employees, were sold a job with competitive pay: Amazon promised to pay them $18 to $25 an hour, plus 100 percent of the tips that they received. But instead, Amazon used the tips to pay the drivers their base pay, shorting them of tips in order to save themselves millions.

Tip stealers should be jailed for theft, not fined.

In any case, I doubt this is related to his resignation. If I were to speculate, growing calls for anti-trust action against the tech giants is much more salient.

As per the standard argument about fines: fines are only a punishment if they are greater than the profit. Otherwise it's just a tax, and a tiny one usually, at that.

 

[Derec]

Most likely he just want to do different things after more than quarter century CEOing Amazon.
Hopefully he'll focus on the space business.

 

[Loren Pechtel]

Tip stealers should be jailed for theft, not fined.

In any case, I doubt this is related to his resignation. If I were to speculate, growing calls for anti-trust action against the tech giants is much more salient.

As per the standard argument about fines: fines are only a punishment if they are greater than the profit. Otherwise it's just a tax, and a tiny one usually, at that.

Yup, and this is basically just restitution. It provides the next company with absolutely zero incentive not to behave as badly.

The fine needs to not only be greater than the profit, but greater than the product of the profit and the chance of getting caught.

 

[Gospel]

Bye Felicia!