Jeff Bezos, the American business magnate, who is founder and chief executive officer (CEO) of Amazon, one of the world’s largest technological organisations will step down from the top position on Monday.
Andy Jassy, chief of Amazon Web Services,will become the new CEO.
However, Bezos, 57, will retain a crucial role as the executive chair at the organisation.
He will not be a part of the daily management and will spend more time on other projects including his Aerospace company Blue Origin.
Bezos, who is currently the richest person in the world, started Amazon as an online bookstore at a garage 27 years back, when he packaged orders himself and delivered them to post offices.
He took the organisation to new heights and expanded its business in the fields of e-commerce, artificial intelligence, cloud computing, digital streaming among many others.
Amazon, which is often regarded as the most valuable brand on earth, has a market value of over $1.7 trillion, according to a report by news agency AFP.
Jeff Bezos own net worth is close to $200 billion, even after a divorce settlement with ex-wife MacKenzie Scott, where he gave a part of his stake to her.
Bezos has many critics. Last month, a bombshell article from ProPublica claimed to have seen Bezos’ tax returns – and alleged Bezos paid no tax in 2007 and 2011. It was a stunning claim about the world’s richest man.
Other negative stories about Amazon, its ruthlessness, its claims of monopolistic behaviour, haven’t helped Bezos’ reputation.
However, many people who work closely with him don’t recognise the characterisation that he is uncaring or selfish.
For them, he is a business visionary – a man with a singular focus who has created a legendary work philosophy and a company worth almost $1.8trn (£1.3tn) according to BBC News.
Always fascinated by space travel, later this month he aims to fly into space on the first crewed flight made by his company Blue Origin.
A petition to not allow him back to Earth has gathered nearly 150,000 signatures.
