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Amazon CEO Criticizes Manager Fiefdoms and Stresses the Need For 'Meritocracy'

2 months ago
Amazon CEO Andy Jassy is pushing to cut bureaucracy by reducing management layers, according to a recording of a recent internal all-hands meeting obtained by Business Insider. Amazon plans to increase the ratio of individual contributors to managers by 15% by March-end, a process the company says is now complete and affected a "relatively small subset of employees." "The way to get ahead at Amazon is not to go accumulate a giant team and fiefdom," Jassy told employees, stressing that successful leaders "get the most done with the least amount of resources." Jassy has established a "No Bureaucracy" email alias that has received over a thousand suggestions, leading to more than 375 changes aimed at speeding operations. "It's a meritocracy," Jassy said, urging employees to "move fast and act like owners."

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Director Charged With Netflix Fraud After Splurging on Crypto Instead of Finishing Sci-fi Series

2 months ago
Hollywood filmmaker Carl Erik Rinsch has been charged with defrauding Netflix of $11 million after allegedly misusing funds intended for an unfinished science fiction series, federal prosecutors said. Rinsch, 47, was arrested in West Hollywood this week on charges of wire fraud, money laundering and unlawful monetary transactions that could result in decades of imprisonment if convicted. The FBI and Acting U.S. Attorney for the Southern District of New York allege Rinsch diverted funds meant for his series "Conquest" to speculate on cryptocurrency, stay in luxury hotels and purchase high-end items including five Rolls-Royces and a Ferrari. Netflix had paid Rinsch $44 million between 2018 and 2019 for the science fiction project about an artificial humanlike species. Prosecutors say he then requested an additional $11 million but never completed the production. An arbitrator ruled in Netflix's favor last year, ordering Rinsch to pay the company $11.8 million. Rinsch appeared in federal court with shackles and posted a $100,000 bond.

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