BREAKING NEWS: Jeff Bezos is 'stepping down as Amazon CEO'

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Jeff Bezos is stepping down as the CEO of Amazon, the company announced on Tuesday.

Bezos will be replaced by Andy Jassy. He will move to the role of Executive Chair in the third quarter of this year. 

In an email to staff, Bezos said: 'Fellow Amazonians, 

'I'm excited to announce that this Q3 I'll transition to Executive Chair of the Amazon Board and Andy Jassy will becme CEO. In the Exec Chair role, I intend to focus my energies and attention on new products and early initiatives.

'Andy is well known inside the company and has been at Amazon almost as long as I have. He will be an outstanding leader and he has my full confidence.'  

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Bezos founded Amazon in 1993 with his ex-wife MacKenzie. 

It made him the richest man in the world with a net worth of $185billion. 

Amazon's share price went up by 1.1 percent after the announcement but were not dramatically changed. 

© Provided by Daily MailBezos will be replaced by Andy Jassy. He will move to the role of Executive Chair, the company said

© Provided by Daily MailAmazon shares were largely unaffeced at the time of the announcement on Tuesday afternoon