breakingnews– Jeff Bezos has stepped down as chief executive of Amazon, handing over the reins as the tech giant navigates the challenges of a world fighting to emerge from the coronavirus pandemic.
Andy Jassy, who ran Amazon’s cloud-computing business, replaces Mr Bezos in a change the company announced in February.
Mr Bezos, Amazon’s biggest shareholder with a stake worth about 180 billion dollars (£130 billion), will still hold sway over the company he started in his Seattle garage in 1995.
He takes over the role of executive chairman, with plans to focus on new products and initiatives.
Mr Jassy takes the helm of a 1.7 trillion dollar (£1.2 trillion) company that benefited greatly from the pandemic, more than tripling profits in the first quarter of 2021 and posting record revenue as customers grew more dependent on online shopping.
At the same time, Amazon faces activism from a restive workforce just as a rapid economic recovery causes a labour crunch that has retailers, manufacturers and other companies competing for workers with higher wages and other benefits.
The company defeated an attempt by workers to unionise at an Alabama warehouse earlier this year, but faces a more formidable challenge as the International Brotherhood of Teamsters launches a broader effort to unionise Amazon employees.
In a blog post to employees earlier this year, Mr Bezos said he planned to devote more time to side projects, including his space exploration company Blue Origin, his philanthropic initiatives and overseeing the Washington Post, which he owns.
First up, the richest man in the world – by Forbes’ estimate – will fulfil his childhood dream of traveling to space. The 57-year-old will blast into space on July 20 when Blue Origin makes its first flight with a crew, taking his younger brother Mark, an investor and volunteer firefighter.
Mr Bezos founded Amazon as an online bookstore and built it into a shopping and entertainment empire that is the second-largest private employer in the US, behind Walmart.
Amazon, which is buying the MGM movie studio in its latest major acquisition, now makes movies and sofas, owns a grocery chain and has plans to send satellites into space to beam internet services to Earth.
Mr Jassy, who has been with Amazon since 1997, ran the cloud-computing business that powers video-streaming site Netflix and many other companies, making it one of Amazon’s most profitable businesses.
Among his challenges are growing calls for tighter regulation on tech giants. A report by the House Judiciary Committee in October called for possibly breaking up Amazon and others, making it harder for them to acquire companies and imposing new rules to safeguard competition.