Jeff Bezos resigns as CEO of Amazon

Jeff Bezos resigns as CEO of Amazon

Amazon founder Jeff Bezos will step down as CEO at the end of this year to become executive chairman. He will be replaced by Andy Jassy.

Bezos has been Amazon’s CEO since its founding in 1995. He oversaw its growth from an online bookstore to a $1.7 trillion global retail and logistics giant, which also made Bezos one of the richest people in the world. “This journey began about 27 years ago. Amazon was just an idea, and it didn’t have a name. Today we employ 1.3 million talented and dedicated people, serve hundreds of millions of customers and businesses and are widely recognized as one of the most successful companies in the world,” Bezos wrote a letter to employees Tuesday.

Yassi has been with Amazon since 1997 and is now the CEO of Amazon Web Services’ cloud business, which is the largest source of revenue.

The company’s stock was little changed shortly after the market closed Tuesday, but was up nearly 1 percent two hours after the closing signal. Amazon stock is up nearly 69% over the past year.