Amazon’s Jeff Bezos to step down as CEO later this year Inc has announced that longtime CEO Jeff Bezos will step down from his post later this year, transitioning to executive chairman of the world’s largest online retailer.

In a statement on Tuesday, the company said Bezos will be replaced by Andy Jassy, who currently runs Amazon’s cloud business.

Bezos founded Amazon as an online bookstore 27 years ago and turned it into a behemoth that sells just about everything.

In the process, he became one of the world’s richest people, with Forbes estimating his current net worth at more than $196.2bn.