The chief executive of Amazon, Jeff Bezos has stepped down as 27 years after he founded the company.

The American Billionaire, who is also the company’s biggest shareholder, made it known in a statement that he will be replaced by Andy Jassy, the mastermind behind Amazon’s cloud computing division.

He further revealed that he wanted to “focus his energy and attention on new products and early initiatives” in his new role as executive chair.

”This journey began some 27 years ago. Amazon was only an idea, and it had no name.

“Today, we employ 1.3 million talented, dedicated people, serve hundreds of millions of customers and businesses, and are widely recognized as one of the most successful companies in the world.

”I would like to state that I have made the decision to step down as the company’s CEO but will stay engaged in important Amazon initiatives.

”I will also be concentrating on projects away from the day-to-day running of the business in his new position,” he said.

Bezos also noted that the move would give him the “time and energy” needed to “focus on the Day 1 Fund, the Bezos Earth Fund, Blue Origin, The Washington Post” and his “other passions”.

He said that he had “full confidence” in his replacement, Mr. Jassy.

“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,” he added.