Jeff Bezos to step down as Amazon CEO

According to details, the tech giant will leave the post of Amazon CEO later this year and will be replaced by Andy Jassy, who is currently leading the Amazon's cloud computing business.

Bezos said that he would serve Amazon as executive chairman, a move that would give him enough time and energy to pay attention to his other ventures.

“When you have a responsibility like that, it's hard to put attention on anything else. As Exec Chair I will stay engaged in important Amazon initiatives but also have the time and energy I need to focus on the Day 1 Fund, the Bezos Earth Fund, Blue Origin, The Washington Post, and my other passions,” Bezos wrote letter to employees.

Recalling his journey, the 57-year old wrote that Amazon was only an idea and now millions of people are engaged with this platform.

"This journey began some 27 years ago. Amazon was only an idea, and it had no name. The question I was asked most frequently at that time was, 'What's the internet?' ... Today, we employ 1.3 million talented, dedicated people, serve hundreds of millions of customers and businesses, and are widely recognized as one of the most successful companies in the world," Bezos wrote letter to employees Tuesday.

Bezos has served as Amazon's CEO since its founding in 1995. Amazon grew from a bookseller into a $1.7 trillion global retail and logistics platform, making him one of the world's richest people.