Jeff Bezos to Step Down as Amazon CEO on Monday
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Amazon founder and CEO Jeff Bezos will step down from his role as Chief Executive Officer of the company on Monday
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The billionaire will be replaced by long-term employee Andy Jassy on the company’s 27th anniversary
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Bezos will remain the largest shareholder of the company as well as the executive chairman of the online retail firm
The billionaire is going to be replaced by Andy Jassy who has been an employee of the company for 24 years.
Jassy was responsible for the development of Amazon Web Services (AWS), a cloud computing business of the company.
Bezos leaves the company’s top position but will remain the executive chairman of the firm as well as the largest shareholder.
The founder exits at a time when the business is at its top. Amazon has been one of the most successful companies in the pandemic.
Read also: Why 80,000 People Want Bezos to Leave Earth and Never Return
In the first quarter of the year, the company made 44% more sales than it did in 2020, with a net income of $8.1 billion
The rise of the company in the past 27 years has been phenomenal, growing from operating in a garage to the company with the third-highest market value in the US.
Amazon has a market value of $1.7 trillion putting it behind only Apple and Microsoft based on market value.
