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| Jeff Bezos is stepping down from the leadership of Amazon |
Jeff Bezos has officially resigned. After launching Amazon Web Services in 2003, Andy Gacy was listed on the Investor Relations website as CEO of Amazon and Bezos as Director of the Board of Directors.
Bezos has served as the company's CEO since its founding on July 5, 1994, 27 years ago.
The July 5th delivery date was announced at the general meeting in May.
This is an important time for Amazon. Under Bezos' leadership, Amazon survived the bursting of the internet bubble in the late 1990s and became one of the world's leading technology companies.
Online commerce is currently dominated by Amazon in the US and parts of Europe, and because Amazon Web Services has become the backbone of many modern websites.
Andy Gacy, Bezos' successor, joined the company shortly after graduating from Harvard Business School in 1997 and has led AWS since the team was founded in 2003.
In 2016 he was officially appointed as the chief executive of the department. By the end of 2020, AWS controlled about a third of the cloud computing market, roughly the sum of its closest competitors Microsoft and Google.
Gacy's journey is similar to that of Satya Nadella, the current CEO of Microsoft, who was previously responsible for the company's Azure cloud business.
Although Amazon's stock price has been extraordinarily successful under Bezos' leadership, the way it operates has come under constant criticism.
Warehouse workers and delivery drivers say a company's high productivity targets lead to significant employee losses. A recent ProPublica investigation found that Bezos did not pay federal income tax in 2007 or 2011.
Bezos introduced the Amazon flag
As the e-commerce and cloud computing giants prepare to enter new areas of business, Bezos has entrusted Gacy with an ambitious project.
Amazon has become a major player in consumer technology with its Kindle, Echo, Ring and Eero devices. and general consumer goods from the Amazon Basics brand.
After the acquisition of Whole Foods and the launch of the Amazon Go and Amazon Fresh branches, the physical retail business has grown.
It recently acquired MGM Films and Television for $8.45 billion, its largest acquisition.
There's also Amazon Music, a section for video games and investments in health and fashion.
Amazon's scope and practices have been scrutinized by antitrust authorities around the world.
Bezos was one of the CEOs who testified before Congress last year.
Amazon in Europe is accused of misusing market data because the European Union announced a second antitrust case against the company.