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Amazon begins new chapter as Bezos hands over CEO role

Amazon CEO Jeff Bezos speaks at the the Amazon re:MARS convention in Las Vegas, June 6, 2019. (John Locher/AP/File)
Amazon CEO Jeff Bezos speaks at the the Amazon re:MARS convention in Las Vegas, June 6, 2019. (John Locher/AP/File)

Amazon founder Jeff Bezos steps down as CEO today, handing over the reins as the company navigates the challenges of a world fighting to emerge from the coronavirus pandemic.

Andy Jassy, who ran Amazon’s cloud-computing business, replaces Bezos, a change the company announced in February.

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.

Jassy takes the helm of a $1.7 trillion company that benefited greatly from the pandemic, more than tripling its profits in the first quarter of 2021 and posting record revenue as customers grew ever more dependent on online shopping.

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