Jeff Bezos to step down as Amazon CEO said chief executive officer Jeff Bezos will transition to the role of executive chair in the third quarter, with Andy Jassy becoming the company’s top boss.

Jeff Bezos founded Amazon nearly 30 years ago.Credit:AP

Amazon revealed the news as it announced its fourth-quarter results, where net sales rose to $US125.56 billion ($165 billion) from $US87.44 billion, beating estimates of $US119.7 billion, according to IBES data from Refinitiv.

Amazon was forced to move its two-day shopping event Prime Day, typically in July, to early October, contributing to its holiday sales numbers.

In an email to employees, Bezos said Jassy would be a worthy successor.

“I’m excited to announce that this Q3 I’ll transition to Executive Chair of the Amazon Board and Andy Jassy will become CEO,” Bezos said.

“In the Exec Chair role, I intend to focus my energies and attention on new products and early initiatives. Andy is well known inside the company and has been at Amazon almost as long as I have. He will be an outstanding leader, and he has my full confidence.”

Bezos, 57, founded Amazon as an online bookstore in 1994 and turned it into a behemoth that sells just about everything. In the process, he became one of the world’s richest people.

Jassy currently runs Amazon’s cloud business.

More to come

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