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LAS VEGAS, NV - MARCH 27: CEO Tony Hsieh speaks onstage at CinemaCon’s final day luncheon and special presentation during CinemaCon, the official convention of the National Association of Theatre Owners, at Caesars Palace on March 27, 2014 in Las Vegas, Nevada. (Photo by Charley Gallay/Getty Images for CinemaCon)

The longtime CEO of Las Vegas-based online shoe retailer is retiring from the company. Company spokeswoman Laura Davis confirmed to the Las Vegas Review-Journal Monday that Tony Hsieh stepped down after 20 years at the helm. Chief Operating Officer Kedar Deshpande took over as CEO. The 46-year-old Hsieh is a Harvard University graduate who joined the online shoe company then called in 1999. The company was sold to Amazon for $1.2 billion in 2009, but Hsieh remained with the company. He invested $350 million in 2012 to revitalizing downtown Las Vegas, where Zappos is now headquartered.