Amazon has made a declaration that Jeff Bezos is stepping down as chief executive of the company after sitting in the position for nearly three decades. He bequeathed the manning of the technology company to Andy Jassy.

Bezos steps down as the CEO of Amazon on Monday, 27 years following the founding of the company. Jassy joined Amazon in 1997 as a bookseller but has since risen through the ranks to oversee Amazon Web Services (AWS), the company's promising cloud services division. He inherits the e-commerce bigwig at a "critical time" as the company faces a rising threat of regulatory action to manage its dominance of markets throughout the world.

On some level, this is as low-key a chief executive transition as the company could have. However, it is still a large change.

Managing One of the World's Most Valuable Companies

The 53-year-old Amazon veteran is taking over the office after growing Amazon's cloud unit into a $40 billion business. Once the company founder Jeff Bezos passes the torch, Jassy will oversee one of the globe's biggest employers and one of its most valuable companies, reported South China Morning Post.

His Net Worth

Jassy's net worth stands at $377 million as of 2020.

Bezos will still be the executive chairman of the board. He will focus on his other passions including the Bezos Earth Fund, Day 1 Fund, The Washington Post, Blue Origin, and more. He is slated to travel to space on July 20 as his company Blue Origin is launching its initial passenger-carrying mission, reported Tech 2.

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Jassy is known among his subordinates and colleagues as an unassuming person and someone who is easy to connect with. Simultaneously, Jassy has the competitiveness and apprehension of conventional wisdom, which is similar to that of Bezos.

The new CEO was born on January 13, 1968. Also, Jassy is one of the minority owners of the Seattle Kraken of the National Hockey League.

After the declaration on February 2, Jassy is officially now the CEO of the company on July 5. According to Bezos, "I'm excited to announce that this Q3 I'll transition to Executive Chair of the Amazon Board and Andy Jassy will become CEO," reported The Sun.

The man has a good track record, having conceived of and supervised AWS, which is currently Amazon's most dependable source of profit. It earned $13.5 billion in revenue in the initial 3 months of 2021. Also, he was reportedly the mastermind behind the company's move into the world of CDs and DVDs in the late 1990s.

Merely a few companies have as prevalent a scope of influence as Amazon does. Even fewer have as enormous an effect on the modern world. The new chief executive's plan and vision will have to be similarly prevalent.

Jassy is also known for his obsession with the customer experience and his great standards for individuals under his tenure. He is reportedly seemingly like the natural choice to take over for the prominent Bezos.

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