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Jeff Bezos to step down as Amazon CEO after 27 years

Jeff Bezos to step down as Amazon CEO after 27 years
The founder of online shopping giant Amazon, Jeff Bezos, is set to officially step down on July 5 as the company’s chief executive officer.

Bezos, named the world’s richest man by Forbes magazine earlier this year, with assets worth some $189 billion, is set to quit his post to free up time for his space-travel venture, Blue Origin.

Initially built as an online bookstore back in the 1990s, Amazon is now one of the most valuable publicly traded companies in the world, with a market capitalization of $1.7 trillion.

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Bezos plans to keep his 10.3% stake in the company, as well as his position as executive chairman of Amazon's board.

He will hand the CEO role to Andy Jassy, who joined the e-commerce giant in 1997 and is currently leading Amazon’s cloud-computing business.

Meanwhile, Bezos is set to join the first crewed flight by his space company aboard the reusable New Shepard six-seater capsule. The launch is scheduled for July 20, the anniversary of the 1969 Apollo 11 Moon landing.

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