Bezos to give Amazon reins to cloud boss Jassy as sales rocket past $100 billion

(Reuters) – Amazon.com Inc founder Jeff Bezos will step down as CEO and become executive chairman, naming the head of its lucrative cloud computing division as successor in a sign of the company’s transformation from web retailer to internet conglomerate.

This summer, Bezos, 57, will hand the keys of the world’s largest online retailer to Andy Jassy, head of its cloud division Amazon Web Services known as AWS. The announcement on Tuesday settles a long-running question about who would replace the world’s second-richest person at the company’s helm.

Bezos is ending his role as CEO on a high note: the business he began as an internet bookseller 27 years ago is now one of the world’s most valuable companies and posted three consecutive record profits after losses in decades prior. On Tuesday, Amazon reported quarterly sales above $100 billion for the first time.

Jassy, 53,

Read More

ZeroAvia wins Amazon, Shell funds to transform the aviation industry

  • The startup ZeroAvia is developing technology to power airplanes with hydrogen fuel cells. 
  • It recently won backing from Bill Gates’ Breakthrough Energy Ventures, Amazon, and Shell.
  • Major challenges lie in the path to hydrogen-powered flight. ZeroAvia says it’s eating away at them.
  • Visit Business Insider’s homepage for more stories.

When hydrogen gas inside the Hindenburg exploded in 1937, the era of airship travel came to an end.

Now the very same gas is reentering the aviation industry. And this time it’s kicking off a new era — one of zero-carbon travel.

Hydrogen can be used in fuel cells to power electric motors or combusted to drive an engine. Either way, the gas doesn’t generate carbon emissions if it’s made using renewable energy.

That’s why investors have been hunting for hydrogen startups to fund, with some of the biggest names landing on one that appears to be leading the race

Read More