Amazon founder Jeff Bezos will step down as chief executive of the e-commerce company he started in his garage nearly 30 years ago.
The 57 year old will become executive chairman, a move he said would give him time and energy to focus on his other ventures.
Mr. Bezos, who has a fortune of almost 200 billion dollars, will be replaced by Andy Jassy, who currently leads Amazon's cloud computing business.
The company said the change will take place in the second half of this year.