We provide direction to shareowners infrequently on matters such as annual meetings and the right process to vote their shares. Our Whole Foods Market stores have remained open, providing fresh food and other vital goods for customers. We increased our minimum wage through the end of April by $2 per hour in the U.S., $2 per hour in Canada, 2 per hour in the UK, and 2 per hour in many European countries. We are all taught to be yourself. What Im really asking you to do is to embrace and be realistic about how much energy it takes to maintain that distinctiveness. Our scientists developed a model to compare the carbon intensity of ordering Whole Foods Market groceries online versus driving to your nearest Whole Foods Market store. Share this post. Amazons sustainability scientists have spent more than three years developing the models, tools, and metrics to measure our carbon footprint. We will continue to learn from both our successes and our failures. You can either let it define you, let it destroy you, or you can let it strengthen you.". Amazonians are working around the clock to get necessary supplies delivered directly to the doorsteps of people who need them. Facebook; Instagram; LinkedIn; Twitter; Youtube; Shop Amazon.com As always, I attach our 1997 shareholder letter. Theyre sophisticated and thoughtful people who have options for where to work. Our goal remains to continue to solidify and extend our brand and customer base. We will balance our focus on growth with emphasis on long-term profitability and capital management. (Special thanks go to the good people that maintain the free version of PDF Split and Merge which I used to compile this, and to whomever already did the work for letters from 1997 2012 that I started with. David Ryder/Getty Images Amazon CEO Jeff Bezos just published his annual letter to shareholders, and the efforts his company is taking to address the COVID-19 crisis were front and center. Cumulative customer accounts grew from 180,000 to 1,510,000 a 738% increase. We quickly prioritized the stocking and delivery of essential household staples, medical supplies, and other critical products. We now know better. We are going to be Earths Best Employer and Earths Safest Place to Work. If any shareowners are concerned that Earths Best Employer and Earths Safest Place to Work might dilute our focus on Earths Most Customer-Centric Company, let me set your mind at ease. Smart action on climate change will not only stop bad things from happening, it will also make our economy more efficient, help drive technological change, and reduce risks. Smaller basket sizes generate even greater carbon savings. Weve welcomed Joe Duffy, who joined after losing his job as a mechanic at Newark airport and learned about an opening from a friend who is an Amazon operations analyst. Our registration is at SEC.gov. We want you to know we take this responsibility seriously, and were proud of the work our teams are doing to help customers through this difficult time. Amazon pays up to 95% of tuition and fees toward a certificate or diploma in qualified fields of study, leading to enhanced employment opportunities in high-demand jobs. For this to work, we as a society would need vastly more testing capacity than is currently available. The pledge commits Amazon to meet the goals of the Paris Agreement 10 years earlyand be net zero carbon by 2040. We dramatically lowered prices, further increasing customer value. He will muster the energy needed to keep alive in us what makes us special. Weve also introduced extensive social distancing measures to help protect our associates. Although many leaders often mention phenomenal tech entrepreneurs as their true inspiration, like Steve Jobs, Mark Zuckerberg, Jack Ma, Elon Musk, and Bill Gates, Bezos' name used to be overshadowed in the past few yearsuntil his resignation from Amazon and his last . Jeff Jeffrey P. Bezos Founder and Chief Executive Officer Amazon.com, Inc. 1997 LETTER TO SHAREHOLDERS (Reprinted from the 1997 Annual Report) To our shareholders: Amazon.com passed many milestones in 1997: by year-end, we had served more than 1.5 million customers, In the letter, Bezos said Amazon, a company famous for. In March, we opened 100,000 new positions across our fulfillment and delivery network. Our bodies, for instance, are usually hotter than our surroundings, and in cold climates they have to work hard to maintain the differential. 10 Amazing Lessons From Jeff Bezos' Letters To Shareholders - CEO Today Jeff Bezos on Thursday published Amazon 's annual shareholder letter, in which he called on rivals to match Amazon's pay and benefits. Today, online commerce saves customers money and precious time. We are separately making a public AWS COVID-19 data lake available as a centralized repository for up-to-date and curated information related to the spread and characteristics of the virus and its associated illness so experts can access and analyze the latest data in their battle against the disease. 2019 Letter to Shareholders. Following CDC guidance, our Alexa health team built an experience that lets U.S. customers check their risk level for COVID-19 at home. I have also personally allocated $10 billion to provide grants to help catalyze the systemic change we will need in the coming decade. This strategy is not without risk: it requires serious investment and crisp execution against established franchise leaders. Based on those responses, Alexa then provides CDC-sourced guidance. We have never failed when we set our minds to something, and were not going to fail at this either. Customers count on us to be there, and we are fortunate to be able to help. Market leadership can translate directly to higher revenue, higher profitability, greater capital velocity, and correspondingly stronger returns on invested capital. Annual reports, proxies and shareholder letters. Consulting closely with medical experts and health authorities, weve made over 150 significant process changes in our operations network and Whole Foods Market stores to help teams stay healthy, and we conduct daily audits of the measures weve put into place. Though we are optimistic, we must remain vigilant and maintain a sense of urgency. Weve also partnered with Mahindra in India and Mercedes-Benz in Europe. To help rapidly accelerate the market for electric vehicle technology, and to help all companies transition to greener technologies, we invested more than $1 billion in Rivian and ordered 100,000 electric delivery vans from the company. When we die the work stops, the temperature differential starts to disappear, and we end up the same temperature as our surroundings. We now offer customers gift certificates, 1-Click shopping, and vastly more reviews, content, browsing options, and recommendation features. Sign in. I hope all Amazonians take it to heart. We believe that a fundamental measure of our success will be the shareholder value we create over the long term. May 7, 2022. We now offer customers gift certificates, 1-Click shopping, and vastly more reviews, content, browsing options, and recommendation features. Were happy to have Darby with us until she can return to the classroom. (We'll be announcing new signatories soon.). All Amazon Shareholder Letters.pdf - Google Drive. PDF Primary Category: HBR Digital Article Publish Date: May 17, 2019 Publish Date Range: Older than 24 months Related Topics: Customer service AWS is challenging to estimate because each customers workload is so different, but well do it anyway, acknowledging up front that the error bars are high. By many measures, Amazon.com came a long way in 1997: During 1997, we worked hard to expand our business infrastructure to support these greatly increased traffic, sales, and service levels: The past years success is the product of a talented, smart, hard-working group, and I take great pride in being a part of this team. We brought them much more selection than was possible in a physical store (our store would now occupy 6 football fields), and presented it in a useful, easy- to-search, and easy-to-browse format in a store open 365 days a year, 24 hours a day. His. Earlier this week, after successfully filling those roles, we announced we were creating another 75,000 jobs to respond to customer demand. Some of these investments will pay off, others will not, and we will have learned another valuable lesson in either case. That version is misleading. That wont be easy, but it is critical. We are taking steps to help those most vulnerable to the virus, setting aside the first hour of shopping at Whole Foods each day for seniors. When you analyze them, it becomes clear there are fourteen growth principles whicharticulate howBezos and Amazon And value created is best thought of as a metric for innovation. But, at the same time, its also true that things would often be easier take less energy if we were a little more normal. We feel good about what weve done, and even more excited about what we want to do. From the studies of Jeff Bezos' letters to the shareholders, Steve Anderson and Karen Anderson could drawn 14 principles that were applied by the Amazon's founder that can help any company grow. Wall Street analysts ( and CNBC's Jim Cramer) view it as an invaluable window into. The stronger our market leadership, the more powerful our economic model. His 1997 Letter To Shareholders is still a playbook for building a great . From the beginning, our focus has been on offering our customers compelling value. Regular testing on a global scale, across all industries, would both help keep people safe and help get the economy back up and running. Amazon's Priorities Over the Years, Based on Jeff Bezos's Letters to With this foundation, we would like to turn to a review of our business focus, our progress in 1997, and our outlook for the future. Jeff Bezos, How were taking care of employees during COVID-19, Our commitment to the responsible use of AI, How to win a $5 Amazon.com Gift Card, just by signing up for the Amazon News newsletter, Amazon named among the most innovative, trusted brands by Axios Harris Poll and 3 other recent polls, 8 key announcements from Amazons NewFront 2023, including new Amazon Freevee Originals and another season of Amazon Music Live, Everything you need to know about Amazon Business, one of Amazons fastest-growing ventures, CEO Andy Jassys 2022 Letter to Shareholders, 4 insights from Amazons latest Brand Protection Report, 3 ways Amazon supports its customers every day, One Medical joins Amazon to make it easier for people to get and stay healthier. Were developing new automated staffing schedules that use sophisticated algorithms to rotate employees among jobs that use different muscle-tendon groups to decrease repetitive motion and help protect employees from MSD risks. Amazon.coms employee base grew from 158 to 614, and we significantly strengthened our management team. Now, less than two years later, 53 companies representing almost every sector of the economy have signed The Climate Pledge. Compare that to the typical shopping trip to a physical store driving, parking, searching store aisles, waiting in the checkout line, finding your car, and driving home. About Jeff Bezos. To our shareholders: Amazon.com passed many milestones in 1997: by year-end, we had served more than 1.5 million customers, yielding 838% revenue growth to $147.8 million, and extended our market leadership despite aggressive competitive entry. Im proud of the wealth weve created for shareowners. Inventories rose to over 200,000 titles at year-end, enabling us to improve availability for our customers. Since 2012, we have offered Career Choice, a pre-paid tuition program for fulfillment center associates looking to move into high- demand occupations. Seventy-five hours multiplied by $10 an hour and subtracting the cost of Prime gives you value creation for each Prime member of about $630. PDF 1997 LETTER TO SHAREHOLDERS (Reprinted from the 1997 - VentureBeat We will work hard to spend wisely and maintain our lean culture. When we lead, others follow. Here again, Bezos plays to one of his strengths: creating a powerful, data-driven narrative. The fairy tale version of be yourself is that all the pain stops as soon as you allow your distinctiveness to shine. More than a decade ago, we created the Frustration-Free Packaging program to encourage manufacturers to package their products in easy-to-open, 100% recyclable packaging that is ready to ship to customers without the need for an additional shipping box. They need that excess capacity to handle large usage spikes. He. Within five years, they could total $20 billion a year, a level only six U.S. companies Reading each letter is good for learning about Amazon's leadership principles. The world will always try to make Amazon more typical to bring us into equilibrium with our environment. But this is Day 1 for the Internet and, if we execute well, for Amazon.com. And governments are leveraging AWS as a secure platform to build out new capabilities in their efforts to end this pandemic. If every person could be tested regularly, it would make a huge difference in how we fight this virus. Were making it easy for customers to use Amazon.com or Alexa to donate directly to charities on the front lines of the COVID-19 crisis, including Feeding America, the American Red Cross, and Save the Children. Our relationship with employees is a very different example. Amazon.com uses the Internet to create real value for its customers and, by doing so, hopes to create an enduring franchise, even in established and large markets. We will share our strategic thought processes with you when we make bold choices (to the extent competitive pressures allow), so that you may evaluate for yourselves whether we are making rational long-term leadership investments. I want to especially thank Andy Jassy for agreeing to take on the CEO role. 2017 Letter to Shareholders - About Amazon Its not easy to work here (when I interview people I tell them, You can work long, hard, or smart, but at Amazon.com you cant choose two out of three), but we are working to build something important, something that matters to our customers, something that we can all tell our grandchildren about. At this stage, we choose to prioritize growth because we believe that scale is central to achieving the potential of our business model. Amazon aims to have 10,000 of Rivians new electric vans on the road as early as 2022, and all 100,000 vehicles on the road by 2030. Amazon Future Engineer currently funds Introduction to Computer Science and AP Computer Science classes for more than 2,000 schools in underserved communities across the country. Lists links to every shareholder letter Jeff Bezos has written. While the voting results were lopsided and our direct relationship with employees is strong, its clear to me that we need a better vision for how we create value for employees a vision for their success. We will balance our focus on growth with emphasis on long-term profitability and capital management. Amazon turned over information about sellers we suspect engaged in price gouging of products related to COVID-19 to 42 state attorneys general offices. Word of mouth remains the most powerful customer acquisition tool we have, and we are grateful for the trust our customers have placed in us. These years are dominated by the beginning of coronavirus pandemic and the subsequent actions that Amazon enacted. Money doesnt tell the whole story. When we raised our starting minimum wage to $15 an hour in 2018, it had an immediate and meaningful impact on the hundreds of thousands of people working in our fulfillment centers. In his 2015 letter to Amazon shareholders, Bezos wrote about the importance . Our increased attention to early MSD prevention is already achieving results. I also predict it will be satisfying and oftentimes fun. Jeff Bezos is about to hand over the keys of Amazon to a new CEO. Read We also established the Amazon Relief Fundwith an initial $25 million in fundingto support our independent delivery service partners and their drivers, Amazon Flex participants, and temporary employees under financial distress. By many measures, Amazon.com came a long way in 1997: During 1997, we worked hard to expand our business infrastructure to support these greatly increased traffic, sales, and service levels: The past years success is the product of a talented, smart, hard-working group, and I take great pride in being a part of this team. (The team is actually pushing to get to 100% by 2025 and has a challenging but credible plan to pull that off.) We also launched the AWS Diagnostic Development Initiative, a program to support customers working to bring more accurate diagnostic solutions to market for COVID-19. That is what happens when they die.. We will make bold rather than timid investment decisions where we see a sufficient probability of gaining market leadership advantages. Despite what weve accomplished, its clear to me that we need a better vision for our employees success. In every Annual Report, Jeff Bezos attaches a copy of his original 1997 Letter to Shareholders. PDF 23 Lessons From Jeff Bezos' Annual Letters To Shareholders Thats important. Distribution center capacity grew from 50,000 to 285,000 square feet, including a 70% expansion of our Seattle facilities and the launch of our second distribution center in Delaware in November. 14 years ago, when he took Amazon public, Jeff Bezos told everyone that this is exactly what Amazon was going to do. Along with our use of renewable energy, these factors enable AWS to do the same tasks as traditional data centers with an 88% lower carbon footprint. We are incredibly fortunate to have this group of dedicated employees whose sacrifices and passion build Amazon.com. Today, online commerce saves customers money and precious time. In addition, AWS has been successful in increasing the energy efficiency of its facilities and equipment, for instance by using more efficient evaporative cooling in certain data centers instead of traditional air conditioning. To be certain, a big part of the challenge for us will lie not in finding new ways to expand our business, but in prioritizing our investments. ), ABLE accounts for those living with disabilities and the people who care for them, How to set your kids up for financial success Part 3: The best bank account for kids. We've made tremendous progress cutting packaging waste. In those reports, our employees are sometimes accused of being desperate souls and treated as robots. The Pledge also requires them to measure and report greenhouse gas emissions on a regular basis; implement decarbonization strategies through real business changes and innovations; and neutralize any remaining emissions with additional, quantifiable, real, permanent, and socially beneficial offsets. For your reading pleasure and business edification, heres the complete set of Amazon Shareholder Letters penned by former CEO, founder, and executive chairman of the board Jeff Bezos in one handy PDF file: This volume starts with the classic and first 1997 letter and ends with the Fiscal Year 2020 letter which came out in April 2021.
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