Amazon begins new chapter as Bezos hands over CEO role

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KSL.com 05 July, 2021 - 07:33pm 40 views

Why is Jeff Bezos leaving Amazon?

Amazon founder Jeff Bezos has officially stepped down as the company's chief executive, handing that role over to Andy Jassy, in order to focus on "new products and early initiatives". Sky NewsJeff Bezos steps down as Amazon CEO today - but how much power is he really giving up?

Who is CEO of Amazon?

As Amazon CEO Jeff Bezos prepares to leave the planet in the coming weeks in a rocket built by his spaceship company, he's handing the reins of his e-commerce business — the country's second-largest employer — to Andy Jassy, 53, a loyal lieutenant who spent 24 years by his side. NBC NewsAmazon primed: How new CEO Andy Jassy can follow in Jeff Bezos' footsteps

NEW YORK (AP) — Amazon founder Jeff Bezos stepped down as CEO on Monday, handing over the reins as the company navigates the challenges of a world fighting to emerge from the coronavirus pandemic.

Andy Jassy, who ran Amazon’s cloud-computing business, replaced Bezos, a change the company announced in February.

Bezos, Amazon’s biggest shareholder with a stake worth about $180 billion, will still hold sway over the company he started out of his Seattle garage in 1995. He takes over the role of executive chair, with plans to focus on new products and initiatives.

In a blog post to employees earlier this year, Bezos said he planned to devote more time to side projects, including his space exploration company Blue Origin, his philanthropic initiatives and overseeing The Washington Post, which he owns.

First up, the richest man in the world by Forbes’ estimate will fulfill his childhood dream of traveling to space. Bezos, 57, will blast into space on July 20 when Blue Origin makes it first flight with a crew, bringing along his younger brother Mark, an investor and volunteer firefighter.

Bezos founded Amazon as an online bookstore and built it into a shopping and entertainment empire that is the second-largest private employer in the U.S., behind Walmart. Amazon, which is buying the MGM movie studio in its latest major acquisition, now makes movies and sofas, owns a grocery chain and has plans to send satellites into space to beam internet service to Earth.

Jassy, who has been with Amazon since 1997, ran the cloud-computing business that powers video-streaming site Netflix and many other companies, making it one of Amazon’s most profitable businesses.

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