On July 5, Amazon CEO and co-founder Jeff Bezos will formally step down as the e-commerce company's Chief Executive Officer. In February, Bezos informed his employees of his decision to step down as CEO in a letter. He will now take over as the company's executive chairman in the third quarter of this year. Andy Jassy, the head of Amazon's cloud division Amazon Web Services (AWS), will take over for Bezos.

Interestingly, Amazon was founded in July 1994, and Bezos will formally retire on the same date. He stated that the timing is sentimental, but that he is excited to take on a new role.

Bezos has been associated with Amazon for more than three decades and will be named the world's richest man in September 2020. His net worth had surpassed $202 billion after a $5.22 billion increase in a single day. Elon Musk eventually surpassed Bezos as the world's richest person.

Bezos announced his departure from the company in a letter to his employees, saying, "I'm excited to announce that this Q3 I'll transition to Executive Chair of the Amazon Board and Andy Jassy will become CEO." As Exec Chair, I intend to concentrate my efforts and attention on new products and early-stage initiatives. Andy is well-known within the company and has been with Amazon for nearly as long as I have.

Bezos stated that being the CEO of Amazon is a large responsibility that consumes him. As an Executive Chair, he will be involved in important Amazon initiatives while also focusing on Day 1 Fund, the Bezos Earth Fund, Blue Origin, The Washington Post, and other important initiatives.

Jassy, who has worked for Amazon for over 25 years, will take over for Bezos. Jassy, who currently heads one of Amazon's most important divisions, joined the company right after graduating in 1997.

Jassy founded Amazon Web Services (AWS), Amazon's cloud service platform, in 2006. Individuals, businesses, and governments can use the company's on-demand cloud computing platforms and APIs. The service competes with Microsoft Corp.'s Azure and Alphabet Inc.'s Google Cloud. According to the most recent earnings report, AWS made $12.7 billion in sales in the fourth quarter.

Also Read:

GOOGLE TO COMPLY WITH INDIA'S NEW IT RULES

NOW YOU CAN PAY YOUR CREDIT CARD BILLS OF STANDARD CHARTERED BANK VIA ESEWA

REDMI NOTE 10 PRO 5G, NOTE 10 LAUNCHED: MAJOR UPGRADES & DOWNGRADES

UN URGES MOTORISTS WORLDWIDE TO REDUCE SPEEDS

AALOK SUBEDI, SANTOSH GIRI, AND SANJAYA SINGH, CO-FOUNDERS OF SILICONHIRE HAVE BEEN WORKING TO SIMPLIFY LEGAL TERMINOLOGIES

Amazon shareholders Wednesday turned back a series of proposals put forth by critics at the company's annual meeting aimed at creating new social responsibility goals for the tech giant.

The virtual shareholder meeting rejected all 11 dissident proposals while adopting four measures on board membership, executive compensation and other company business, an Amazon spokesperson said, without elaborating.

The dissident proposals included one to create an independent chair to oversee chief executive Jeff Bezos.

The measures were backed by a group called Amazon Employees for Climate Justice which contended that "toxicity" pervades the Seattle-based company.

Losing proposals also targeted food waste, racism, environmental justice, and sales of technology such as facial recognition software that could be used to violate civil rights.

The meeting comes amid heightened tensions over Amazon's workplace policies as it struggles with the COVID-19 epidemic.

The pressure has led to walkouts at some Amazon facilities and brought out more calls for Amazon to step up efforts for workplace safety -- even as the company has touted dozens of new incitatives.

None of the shareholder proposals opposed by the Amazon board got enough votes to pass.

Amazon defended its corporate responsibility efforts in a document provided to shareholders.

"Certain of the shareholder proposals relate to environmental, sustainability, social, or governance issues, often requesting that we prepare a report, adopt a policy, or take some other particular action," the document said.

"In many cases, we already support some of the initiatives or share the concerns addressed in such proposals, and we often already have taken actions that we believe address the underlying concerns of a proposal, but we may disagree with how the proposal seeks to prescribe the manner in which we approach or report on the issue."

Also Read:

TWITTER ADDS 'GLORIFYING VIOLENCE' WARNING TO TRUMP TWEET

TWITTER ADDS FACT-CHECK WARNINGS TO TRUMP TWEETS FOR THE FIRST TIME

TRUMP THREATENS TWITTER OVER FACT CHECKS

TRUMP COULD VIOLATE FACE MASK REQUIREMENT ON PLANT TOUR

WITH RARE CANDOR, EMPLOYEES PROTEST FACEBOOK'S TRUMP POLICY

ZOOM'S CAPITAL PUNISHMENT IN SINGAPORE

THE VIDEO GAME INDUSTRY SEES RECORD APRIL SALES: SURVEY

TOP UN OFFICIAL WARNS MALICIOUS EMAILS ON RISE IN PANDEMIC

FACEBOOK AND NETFLIX'S VALUE GOES UP BY MORE THAN 40% DURING COVID-19

Getting an Amazon package delivered from the sky is closer to becoming a reality.

The Federal Aviation Administration said Monday it had granted Amazon approval to deliver packages by drones.

Amazon said that the approval is an “important step,” but added that it is still testing and flying the drones. It did not say when it expected drones to make deliveries to shoppers.

The online shopping giant has been working on drone delivery for years, but it has been slowed by regulatory hurdles. Back in December 2013, Amazon CEO and founder Jeff Bezos said in a TV interview that drones would be flying to customer’s homes within five years.

Last year, Amazon unveiled self-piloting drones that are fully electric, can carry 5 pounds of goods and are designed to deliver items in 30 minutes by dropping them in a backyard. At the time, an Amazon executive said deliveries to shoppers would be happening “within months,” but more than 14 months have passed since then.

Seattle-based Amazon is the third drone delivery service to win flight approval, the FAA said. Delivery company UPS and a company owned by search giant Google won approval last year.

Source:AP

Also Read:

SONY XPERIA 8 LITE WITH DUAL REAR CAMERAS ANNOUNCED

ESSENTIAL ELECTRONIC ACCESSORIES FOR EXERCISES OR WORKOUTS

YOUTUBE HAS REMOVED MORE THAN 11.4 MILLION VIDEOS

GOOGLE LOCATION-TRACKING TROUBLED ITS OWN ENGINEERS

SAMSUNG GALAXY Z FOLD2 GOES ON PRE-ORDER IN UK

MEDIATEK PUSHES FOR PERMISSION TO SUPPLY HUAWEI AFTER U.S. CURBS

WALMART PARTNERS WITH MICROSOFT TO BID ON TIKTOK

Amazon's self-driving vehicle startup revealed a prototype of its robotaxi, Zoox. The cube-like vehicle is loaded with sensors, no steering wheel, and a moonroof that is capable of transporting four people at speeds of up to 75 miles per hour. The vehicle can drive bidirectionally and has four-wheel steering. One can spend 16 hours a day offering rides in cities. 

Zoox's vehicle is a departure from most self-driving vehicles, which resemble the cars of today. For it has gotten rid of the steering wheel and brake pedal. Seats for four passengers are arranged to face each other to make conversation easier. The doors on Zoox's vehicle slide open, similar to the Origin from Cruise, the self-driving arm of GM. 

For easy maneuvering in cities, Zoox's vehicle is a few feet shorter than small sedans like the Honda Civic and Toyota Corolla. It also has an unusually large battery — 133kWh — roughly twice the size of many electric vehicles sold today. The large battery also contributes to its hefty weight for its size, 5,401 pounds.

Zoox won't be selling its vehicle and instead intends to operate a ride-hailing service to help public transportation in cities. Zoox's vehicle doesn't have a steering wheel or brake and accelerator pedals, so testing it is more complicated.

Source: CNN

Also Read:

HYUNDAI IONIQ ELECTRIC 2020 LAUNCHED | PRICE IN NEPAL, FULL SPECIFICATION

HYUNDAI AND CANOO TO CO-DEVELOP ALL-ELECTRIC PLATFORM FOR FUTURE ELECTRIC VEHICLES

HYUNDAI MOTOR PARTNERSHIP WITH U.S. GOVERNMENT TO FURTHER EXPLORE HYDROGEN FUEL CELL TECHNOLOGIES

HYUNDAI AND KIA DEVELOP WORLD'S FIRST ICT CONNECTED SHIFT SYSTEM

TOP 5 SUVS IN NEPAL IN 2020 | UPDATED PRICE

KIA RECALLING 2,95,000 VEHICLES DUE TO RISK OF ENGINE FIRES