Bezos resigns from CEO poition of Amazon


57-year-old Bezos, who has a net worth of $203 billion, is set to hand over the CEO position of Amazon, on Monday, to Andy Gacy and turn hi., philanthropy, and endeavors. However, Bezos will retain a key role as a member of the executive board of the technology and e-commerce giant he founded 27 years ago and revolutionized the world of e-commerce and technology, AFP reported.

The transformation comes after an astonishing string of accomplishments for Amazon, which has drawn attention for its innovations. But the company has also been tarnished by business practices that have crushed competitors and raised concerns about the treatment of its more than one million workforces.

Bezos has been a transformative leader in bookselling, retail, cloud computing, and home delivery. He was a pioneer who provided many conveniences that people take for granted, such as going to an online store, ordering something, and having it delivered to your home the next day. The entire e-commerce sector owes many of its innovations to this individual, said Daryl West, a fellow at the Brookings Institution's Center for Technology Innovation.

Bezos started the Amazon business in his garage when he would pack orders himself and take them to the post office. Today, Amazon has a market value of more than $1.7 trillion. The company reported 2020 annual revenue of $386 billion from operations in the e-commerce, cloud computing, groceries, artificial intelligence, media streaming, and more.

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