Jeff Bezos to step down as Amazon CEO on July 5 at 57 as world's richest person

Jeff Bezos will officially step down as CEO of Amazon on Monday, July 5. Now, 57, online shopping giant’s CEO will be retiring as world's richest person with a net worth of over $200 billion, as reported by Bloomberg's Billionaire's Index.

Jeff Bezos steps down as Amazon CEO

Jeff Bezos, in 1994 started Amazon as an online bookstore. company grew with internet revolution that happened in following dece, to become biggest online shopping platform in world. After becoming world’s richest person, company’s CEO is now passing his helm over to company’s top cloud executive, Andy Jassy. Following his step down, Bezos will take up an Executive Chairman position on Amazon's board.

Bezos, who is known for having one of biggest paychecks in world was reported to receive a whopping $81,840 in salary and $1.6 million in or compensation from company last year. company’s valuation h seen an uprise since pandemic started. As use of online shopping platform skyrocketed during period, Bezos’s net worth exploded by anor $75 billion in 2020. Bezos h also drawn some criticism during his tenure as CEO, as thousands of Amazon warehouse workers were reported to be living in poor conditions. Currently, Bezos’ company Blue Origin is set to launch a program taking passengers on suborbital and orbital trips.

Who is new Amazon CEO?

Jeff Bezos will now be replaced by Andy Jassy who is current CEO of Amazon Web Services, company's cloud platform. CEO’s step down and new CEO’s appointment will happen on same day company was originally founded 27 years ago. Jassy, who joined Amazon back in 1997, has been a driving force in company’s success. He is known for leing Amazon’s Web Services cloud team from day one. cloud platform chief became an unavoidable part of company’s growth in past dece.

IMAGE: AP/ UNSPLASH