Founder and owner of e-commerce giant Amazon, Jeff Bezos on Tuesday announced to step down as the CEO of the company later this year. He will be replaced by Andy Jassy who currently heads Amazon’s Web Services, Inc. Bezos has held the position of CEO for nearly 30 years. In a blog post written for employees, Bezos said he will now focus on new products and early initiatives being developed at Amazon. He had started Amazon as a start-up company in 1995 and today it ranks among the largest e-commerce companies in the world. The 57-year centi-billionaire said he would now focus on his welfare schemes ‘One Day Fund’ and ‘Bezos Earth Fund’, as well as other business ventures including space exploration.