The founder of Amazon, Jeff Bezos has retired from the position of CEO. Now, the position will be handling by Andy Jassy, who used to handle Amazon’s cloud-computing business.
Bezos, Amazon’s biggest shareholder with a stake worth about $180 billion, will still hold sway over the company he started out of his Seattle garage in 1995. He takes over the role of executive chair, with plans to focus on new products and initiatives.
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 service to Earth.
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 Jassy’s 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.