CIOs On Amazon’s New CEO | Launching Forbes’ CxO Platform | Bank Of America’s Cathy Bessant | And More

Plus: 100 Years Later, The Future Of Robots Still Lies In Science Fiction

Hi there, and welcome to the latest issue of the Forbes CIO newsletter.

Before we dive into this week’s very big tech news, just a brief reminder that we are looking for CIOs (and other IT executives of equivalent seniority) who wish to be considered for our inaugural Forbes CIO Next list. This will highlight tech leaders who are reshaping the role in fresh and exciting ways, from creating innovative digital channels for connecting with customers to rethinking how companies’ software development teams operate. If you know someone who fits this bill, please contact me at mgiles@forbes.com for information about nominating them for the list.

Now back to the news that Andy Jassy will succeed Jeff Bezos as CEO of Amazon in the third quarter of 2021. As my Forbes colleague David Jeans points out in this post, the move is a clear signal that Amazon Web Services (AWS), which Jassy has led since its launch in 2006, is going to be ever more central to the company’s fortunes.

I reached out to some CIOs to get their reaction to the change. Brad Peterson, Nasdaq’s chief technology and chief information officer, hailed Jassy’s “unique leadership balance,” adding that Amazon’s soon-to-be leader “sets a compelling vision for his team and customers, and delivers on that vision at an extraordinary pace.”

Atticus Tysen, who holds three roles at Intuit—chief information security officer, chief fraud-prevention officer and chief information officer—highlighted the profound impact AWS has had on the world of business. “Under Andy’s leadership,” Tysen said, “AWS changed how we think about technology and how much technology each company needs to build on its own. The ability to try something and only pay for what you use, versus having to negotiate big enterprise deals up front, unleashed creativity at a scale not possible before.”

The question now is where AWS, whose annual revenues exceeded $45 billion last year, will go from here—and who will be at the helm in Jassy’s place to guide it. Jeans’ post highlights some of the likeliest candidates. The executive who gets that job will have plenty of opportunities ahead of them to keep innovating with a new Amazon CEO who’s going to have his hands full with a crowded agenda.

Thanks for reading and do please send me your tips, thoughts, questions and ideas for future issues. You can also follow me on Twitter and on LinkedIn. And if you enjoy reading this newsletter, please recommend it to others who may find it useful.

Technology & Innovation

Connectivity: The World Economic Forum announced the creation of the Edison Alliance, a group of leading companies including Verizon, Google and Mastercard who have committed to helping create universal access to broadband. The goal is laudable but the alliance will have to prove that it can translate it into actionable strategies that expand high-speed connectivity to the masses.

Big data:...means very big business. Databricks, which provides data analytics and AI tools to companies, has raised $1 billion of new funding at a valuation of $28 billion. That eye-wateringly large amount reflects the fact that big data matters more than ever to corporate and government decision-makers. At the same time, CIOs need to ask harder questions of vendors to ensure what they are being offered to manage data is what they really need.

Leadership & Strategy

Cybersecurity: The Biden administration has proposed spending over $10 billion on reinforcing cybersecurity at federal institutions. That’s good news and comes as the scope of the massive SolarWinds hack grows alarmingly. Key leadership appointments in the new administration also look promising, though more private-sector experience in the senior ranks would be welcome.

CxOs: Collaboration between leaders across the C-suite has never been more important. That’s why Forbes recently launched a new platform that will explore in-depth how CIOs, CMOs, CFOs and other executives can work more effectively together. You can find more details here of this exciting initiative spearheaded by our communities director, Jenny Rooney.

Talent & Careers

Diversity and inclusion: For(bes) The Culture surveyed nearly 450 Black and Brown professionals in industries ranging from marketing and communications to healthcare in order to assess the state of workplace diversity, equity and inclusion. Over half of survey respondents said their employers aren’t transparent about progress in this key area. Around two thirds of them said they've not been given the same opportunities as their white peers. Diving into the data can help inform strategies for making workplaces more inclusive moving forward.

Employee well-being: As remote work arrangements drag on, workers’ stress and anxiety levels have skyrocketed. So it’s all the more important that employers offer support. By providing work-from-home stipends, as well as mental health resources and wellness programs, they can prevent burnout. Staying connected to co-workers helps too, but beware Zoom fatigue: With countless online meetings already being scheduled, virtual happy hours or online coffee chats can feel obligatory and exhausting.  

"We are in the advisory business, which is a trust business. We will double down on working together in our offices."

Cathy Bessant

Chief operations and technology officer, Bank of America

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