Billionaire Jeff Bezos is stepping down as CEO of the e-commerce empire he founded 27 years ago, he said in a letter to employees on Tuesday.
The 2nd richest man in the world said Andy Jassy, head of Amazon’s cloud computing unit, will take over the reigns in the third quarter of 2021. Bezos, 57, will then become executive chair of Amazon’s board, the letter states.
Bezos founded Amazon in 1994 as an online book seller. It’s since morphed into a Silicon Valley giant responsible for a massive 37 percent of all online sales in the US, according to Statista. And while its long been accused of killing brick-and-mortar businesses, it has been expanding into traditional retail as well, including its 2017 purchase of grocery store chain Whole Foods.
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