World’s richest man to step down as CEO of Amazon

Amazon’s CEO has announced he’s stepping down from the role that’s helped make him the richest man in the world.

Jeff Bezos, worth around US$182 billion, has this morning confirmed that he’ll transition into the executive chair of Amazon’s board in the third quarter of this year.

Web Services chief executive Andy Jassy will instead step into the role, and has been at the company since the early days.


Amazon was launched back in 1994, as a online book sale service. It’s since grown to a multinational tech company that sells almost everything.

In a statement, Mr Bezos says he’ll take this time to focus on new products.

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

“In the Exec Chair role, I intend to focus my energies and attention on new4 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,” Mr Bezos said.

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