Jeff Bezos steps down as Amazon CEO

Jeff Bezos said Tuesday that he will step down as chief executive of Amazon, leaving the helm of the company he founded 27 years ago.

Bezos will transition to the role of executive chair in the third quarter of this year, the company said. Andy Jassy, the chief executive of Amazon Web Services, will take over as CEO of Amazon.

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In a statement, Bezos called it “an optimal time for this transition.”