Bezos steps down; reins to go to cloud boss Jassy as sales rocket past $100 billion

Bezos steps down; reins to go to cloud boss Jassy as sales rocket past $100 billion

Amazon.com Inc founder Jeff Bezos will step down as CEO and become executive chairman, naming the head of its lucrative cloud computing division as successor in a sign of the company's transformation from web retailer to internet conglomerate.

This summer, Bezos, 57, will hand the keys of the world's largest online retailer to Andy Jassy, head of its cloud division Amazon Web Services known as AWS. The announcement on Tuesday settles a long-running question about who would replace the world's second-richest person at the company's helm, Reuters reported.

Bezos is ending his role as CEO on a high note: the business he began as an internet bookseller 27 years ago is now one of the world's most valuable companies and posted three consecutive record profits after losses in decades prior. On Tuesday,