Jeff Bezos announced on Tuesday that he will step down from his role as the Chief Executive of Amazon later this year.
His decision comes as the tech and e-commerce giant reported a surge in profit and revenue in the holiday quarter with profits more than doubling to $7.2 billion and revenue jumping 44 per cent to $125.6 billion.
Bezos has been Amazon’s CEO since its founding in 1995. He oversaw its growth from an online bookseller into a $1.7 trillion global retail and logistics organisation.
The company said Andy Jassy, who heads Amazon Web Services, would take over as CEO in the third quarter when Bezos quits his role.
Jassy joined Amazon as a marketing manager in 1997 and in 2003 founded AWS, the web division of the company which has been one of Amazons biggest profit driver.
Bezos, will transition to the role of executive chairman in the third quarter after handing over the CEO role to Jassy.
In a statement, Bezos said, “Amazon is what it is because of invention.
“Right now I see Amazon at its most inventive ever, making it an optimal time for this transition.”