San Francisco:Jeff Bezos, who founded Amazon exactly 24 years ago on July 5, 1994, has officially stepped down and former AWS executive Andy Jassy has taken over as the CEO of the commerce behemoth. Jassy founded and led Amazon Web Services (AWS) from its inception and served as its CEO from April 2016 until July 2021. In May, Bezos had announced that Jassy will take over as the CEO of the e-commerce giant on July 5.
The outgoing CEO said that he chose the date because July 5 is a sentimental one for him. "It's the date that Amazon was incorporated in 1994, exactly 27 years ago," he had said. Jassy joined Amazon in 1997 and, before founding AWS, held various leadership roles across the company, including both business-to-business and business-to-consumer. It is estimated that about half of the company's revenue comes from AWS.
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AWS, which is the Cloud arm of Amazon, logged a $54 billion annualised run rate -- a 32 per cent year-over-year growth -- in the March quarter this year. Bezos is also the founder of aerospace company Blue Origin, which is working to lower the cost and increase the safety of spaceflight, and he is the owner of the Washington Post. He has launched two philanthropic organisations.