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World's richest man steps down as Amazon CEO after 27 years

Web Desk 12:11 PM | 5 Jul, 2021
World's richest man steps down as Amazon CEO after 27 years

WASHINGTON – Jeff Bezos, the founder of online shopping giant Amazon, handed over the top post to Andy Jassy as he officially steps down as the company’s chief executive officer after 27 years.

The billionaire for a reason picked July 5 as the date to hand over his title. ‘We chose that date because it is sentimental to me as it’s the date that Amazon was incorporated in 1994, exactly 27 years ago, the 57-year-old said in a shareholder meeting.

Andy Jassy, who worked in Amazon from 1997 as a marketing manager, will take over the charge of Amazon's new boss from today. Jassy led Amazon Web Services (AWS) since it was founded in 2003 and in 2016 he was appointed the CEO of the Amazon Cloud arm in 2016.

Expressing his thoughts on Amazon’s new boss, Bezos said ‘Andy is well known inside the company and has been at Amazon almost as long as I have. He will be an outstanding leader, and he has my full confidence. Right now I see Amazon at its most inventive ever, making it an optimal time for this transition’.

Earlier in February, he had announced his decision to step down as CEO of Amazon. However, the eCommerce mastermind will still remain the executive chairman and the company’s biggest shareholder. Bezos earlier revealed that he will now expand his private space exploration firm, philanthropy besides other endeavors. The business tycoon, named the world’s richest man by Forbes earlier this year with assets worth some $189 billion, quit his post to free up time for his space-travel venture Blue Origin.

The success of the former CEO is mainly due in part to his business principles. One of the main ones being that he treats every day as if it was day one. Other principles include being customer obsessive, take ownership, invest and simplify, learn and be curious, hire and develop, think big, frugality, earn trust, dive deep, and many more, reports quoting experts said. These principles have become pillars of the company and have to slingshot him into the industry’s pioneer.

In 2017, Bezos for the first time became the richest man in the world, and in 2018, he was the richest man in modern history, with a net worth of $150 billion. Last year in August, his network skyrocketed to $202 billion.

Initially built as an online bookstore back in the 90s, Amazon is now one of the most valuable publicly traded companies in the world, with a market capitalization of $1.7. It posted 2020 annual revenues of $386 billion from operations in e-commerce, cloud computing, groceries, artificial intelligence, streaming media, and more.

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KARACHI - Following are the foreign currency exchange rates for US Dollar, Saudi Riyal, UK Pound Sterling, U.A.E. Dirham, European Euro, and other foreign currencies in Pakistan open market on January 26, 2023 (Thursday).

Source: Forex Association of Pakistan. (last update 09:00 AM)

Currency Symbol Buying Selling
US Dollar ‎USD 253.4 255.15
Euro EUR 274 276.6
UK Pound Sterling GBP 311 314
U.A.E Dirham AED 68.7 69.3
Saudi Riyal SAR 66.4 67
Australian Dollar AUD 176 178
Bahrain Dinar BHD 615.68 620.18
Canadian Dollar CAD 186 188
China Yuan CNY 34.12 34.37
Danish Krone DKK 33.83 34.18
Hong Kong Dollar HKD 29.52 29.87
Indian Rupee INR 2.81 2.89
Japanese Yen JPY 2.5 2.54
Kuwaiti Dinar KWD 756.69 761.69
Malaysian Ringgit MYR 52.59 53.04
New Zealand Dollar NZD 148.33 149.53
Norwegians Krone NOK 22.43 22.73
Omani Riyal OMR 600.37 604.87
Qatari Riyal ‎QAR 63.5 64
Singapore Dollar SGD 178 179.3
Swedish Korona SEK 21.78 22.08
Swiss Franc CHF 250.23 251.98
Thai Bhat THB 6.98 7.08

KARACHI – The price of a single tola of 24-karat gold in Pakistan is Rs190,900 on Thursday. The price of 10 grams of 24k gold was recorded at Rs163,670.

Likewise, 10 grams of 22k gold were being traded for Rs150,300 while a single tola of 22-karat gold was being sold at Rs 173,200.

Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.

City Gold Silver
Lahore PKR 190,900 PKR 2,100
Karachi PKR 190,900 PKR 2,100
Islamabad PKR 190,900 PKR 2,100
Peshawar PKR 190,900 PKR 2,100
Quetta PKR 190,900 PKR 2,100
Sialkot PKR 190,900 PKR 2,100
Attock PKR 190,900 PKR 2,100
Gujranwala PKR 190,900 PKR 2,100
Jehlum PKR 190,900 PKR 2,100
Multan PKR 190,900 PKR 2,100
Bahawalpur PKR 190,900 PKR 2,100
Gujrat PKR 190,900 PKR 2,100
Nawabshah PKR 190,900 PKR 2,100
Chakwal PKR 190,900 PKR 2,100
Hyderabad PKR 190,900 PKR 2,100
Nowshehra PKR 190,900 PKR 2,100
Sargodha PKR 190,900 PKR 2,100
Faisalabad PKR 190,900 PKR 2,100
Mirpur PKR 190,900 PKR 2,100

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