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Amazon founder Jeff Bezos said on February 2 that he would stand aside later this year as chief executive of the company he built from a startup into one of the world's most valuable firms. The world’s richest person based on his Amazon stake, Bezos said he will transition to the role of executive chair in the third quarter, handing over the CEO role to Andy Jassy, who heads Amazon Web Services. The news came as Amazon reported a blowout holiday quarter with profits more than doubling to $7.2 billion. In a letter to Amazon employees, Bezos said he would "stay engaged in important Amazon initiatives" but would pivot towards philanthropic initiatives, including his Day One Fund &Bezos Earth Fund & other business ventures in space exploration & journalism. His successor Jassy joined Amazon as a marketing manager in 1997 and in 2003 founded AWS, the cloud services division of the company which has been one of the most profitable but least-known units of the tech giant. Watch the video to know more.
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