Jeff Bezos will step down as CEO of Amazon

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On July 5, , the richest person on Earth, will officially step down as CEO of Amazon, the company he founded in 1994, 27 years ago. The company has a market capitalization of $1.7 trillion. It was Amazon Web Services that significantly increased Amazon’s valuation. Bezos generated $1.7 trillion for investors creating new products, including Kindle and Alexa. The cloud platform was bringing in $13.53 billion in net income in 2020, compared to the e-commerce side’s $9.36 billion. The next boss will be Andy Jassy, 53 years old. People who’ve worked closely with Mr. Jassy over the years describe him as soft-spoken and approachable. He is a sports and music fan. Bezos will remain as the company’s chairman of the board and will continue to own a 10.3% stake in the company. Amazon now faces mounting pressure from regulators and lawmakers around the world over whether it’s unfairly wielding its size and influence against competitors.

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Bezos era comes to an end, experts say. But some of his principles to do a successful bussiness will remain. “As a company grows, everything needs to scale, including the size of your failed experiments,” Bezos wrote in a 2018 letter to shareholders. “When you have something that you know is true, even over the long term, you can afford to put a lot of energy into it,” Bezos said in 2015. “Be afraid of our customers, because those are the folks who have the money,” Bezos also said.