Amazon.com Inc founder Jeff Bezos will step down as CEO and become executive chairman. 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.
'Focus my energies and attention on new products and early initiatives': Bezos
Bezos said that he will move away from its day-to-day operations and become the executive chairman of Amazon's board. Bezos said that in his new role he intends "to focus my energies and attention on new products and early initiatives".
Andy Jassy, the head of the conglomerate's web services, is to succeed him as Amazon's CEO in the transition set for the third quarter. It is estimated that about half of the company's revenue comes from Amazon Web Services (AWS).