(Image source from: Reuters.com)

Jeff Bezos to Step Down from the Role of Amazon CEO:- Jeff Bezos, the founder of Amazon announced that he would step down from the position of the Chief Executive Officer (CEO) which emerged as one of the most valuable firms in the world. Jeff Bezos will step down from his position in the third quarter and will hand over the responsibility to Andy Jassy who is the head of the Amazon Web Services. Amazon made profits more than double to 7.2 billion USD in the recent quarter which is equal to Rs 52,540 crores. The revenue of Amazon jumped by 44 percent. Jeff Bezos penned a letter to the employees of Amazon.

Jeff Bezos will head towards philanthropic initiatives and other business ventures in journalism and space exploration. He made sure that he is not retiring from work. The 57-year-old businessman founded Amazon in 1994 and it emerged as a giant in online retail, streaming and music. Jeff Bezos also owns 'The Washington Post' along with Blue Origin which is a space firm. Jassy joined as a marketing manager in Amazon in the year 1997. Jeff Bezos says that he has full confidence on Jassy. Amazon's market value is said to be 1.69 trillion USD and is the most valuable firm of the world. More than 1 million people are employed with Amazon and 8 lakh people are employed in the United States.