Amazon founder Jeff Bezos will step down from his role as chief executive later this year and transition to the role of executive chair, Report informs, referring to CNN.
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 bookseller into a $1.7 trillion global retail and logistics behemoth, making Bezos one of the world's wealthiest people.
Jassy has worked for Amazon since 1997 and currently serves as CEO of the company's cloud business, Amazon Web Services, its biggest profit driver.