BEZOS BOWS OUT; TRANSITIONS TO EXEC CHAIR

Amazon founder Jeff Bezos announced Tuesday (2/2) that he is stepping down as CEO of the company after 27 years. He will transition to Executive Chair of the Amazon Board in Q3. Andy Jassy, CEO of Amazon's cloud computing business, will become CEO.

In his new role, Bezos will focus on "new products and early initiatives."

The e-commerce giant, which Bezos launched in 1994 and expanded from books into traditional retail, grocery stores, publishing, devices, distribution and entertainment, plus content creation and cloud services, has become the largest Internet company in the world, leading to Bezos' becoming the richest person in the world.

Read Bezos' statement here.

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