Amazon Founder Jeff Bezos is stepping down from the throne || Hybiz

Amazon said Tuesday that Jeff Bezos is stepping down as CEO later this year, a role he's had since he founded the firm almost 30 years ago.

The online company said he'll be replaced in the fall of 2021 by Andy Jassy, who currently runs Amazon's cloud business.

Once he relinquishes his position, Bezos will become the Seattle based firm's executive chairman.

Jassy joined Amazon just days after his final MBA exam at Harvard Business School in 1997.

Although Amazon is best known for its e-commerce, the US tech giant's web services division (AWS) has become the world's dominant cloud provider, with Jassy at the helm since he founded the platform in 2006.

Industry analysts have estimated that revenue generated by AWS will reach $71 billion (€59 billion) in 2022, which would give the division a valuation of about $350 billion.

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