Amazon CEO Andy Jassy is looking to reverse the company's e-commerce plans put in place by Jeff Bezos as Amazon experienced one of its worst financial performances, The Wall Street Journal reported June 16.
Mr. Jassy, who stepped into his role as CEO last July, is working to cut back the excesses of an e-commerce operation the company expanded during the COVID-19 pandemic. The operation included the opening of hundreds of new warehouses, sorting centers and other logistics facilities, and doubled its workforce from 2020 through March, to more than 1.6 million people.
These efforts, headed by former CEO Jeff Bezos, overshot the demand from Amazon as the growth from online shopping declined as the pandemic slowed, according to the report.
Mr. Jassy and his team are now working to sublease at least 10 million square feet of excess warehouse space, defer construction of new facilities on land Amazon has bought and are trying to find ways to end or renegotiate leases with outside warehouse owners.
So far, Mr. Jassy has closed down 68 bricks-and-mortar retail operations and is looking to reduce its head count.