Jeff Bezos steps down as CEO of Amazon

Jeff Bezos, CEO of Amazon.com Inc, will be stepping down from his position and become executive chairman of the Amazon Board in the beginning of the third quarter of the year, stating that this would give him ‘more time and energy’ to focus on other endeavours. Amazon is currently the world’s biggest retailer and has reported its third consecutive record profit, exceeding 100 billion dollars for the first time. Andy Jassy, who currently runs the company’s cloud business will be replacing Bezos as CEO. He joined Amazon in 1997 as a marketing manager and has an MBA from Harvard Business School. He is also the founder of Amazon Web Services (AWS), which turned Amazon into a cloud computing company from an e-commerce business.