Jeff Bezos steps down as Amazon CEO

Jeff Bezos

Amazon founder Jeff Bezos is stepping down as chief executive of the company and will transition to the role of executive chair later this year. The company made the announcement on Tuesday.

He will be released by Andy Jassy who currently heads Amazon Web Services, the company’s biggest profit driver.

Bezos has been Amazon CEO since he founded it 25 years ago. He oversaw its growth from an online bookseller into a $1.7 trillion global retail and logistics behemoth. This has made Bezos one of the world’s richest man, having a network of US $185 billion.

“This journey began some 27 years ago. Amazon was only an idea, and it had no name,” Bezos wrote letter to employees Tuesday. “The question I was asked most frequently at that time was, ‘What’s the internet?’ … Today, we employ 1.3 million talented, dedicated people, serve hundreds of millions of customers and businesses, and are widely recognized as one of the most successful companies in the world.”