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Jeff Bezos to step down as chief executive of Amazon


Jeff Bezos

Billionaire founder of the multinational technology company, Amazon, will step down as chief executive, the company announced on Tuesday.

According to Amazon, Bezos will hand over to Andy Jassy, chief executive of Amazon Web Services, the company’s fast-growing cloud computing business.

However, 57-year-old Bezos who is the second richest man in the world (networth:$184B) behind Tesla’s Elon Musk (networth:$188B) will remain executive chair of the company.

Bezos founded Amazon in 1994 and built it into one of the largest companies in the world, amassing a fortune of $185bn. Amazon, which started as an online bookseller, is now a dominant force in cloud computing, groceries, electronics and entertainment, and employs more than 1.1 million people.

[The Guardian UK]

“I’m excited to announce that this Q3 I’ll transition to Executive Chair of the Amazon Board and Andy Jassy will become CEO. In the Exec Chair role, I intend to focus my energies and attention on new products and early initiatives.

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“As much as I still tap dance into the office, I’m excited about this transition…As Exec Chair I will stay engaged in important Amazon initiatives but also have the time and energy I need to focus on the Day 1 Fund, the Bezos Earth Fund, Blue Origin, The Washington Post, and my other passions.

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“I’ve never had more energy, and this isn’t about retiring. I’m super passionate about the impact I think these organizations can have,” Bezos partly said in an email to employees on Tuesday.