Jeff Bezos founder of amazon steps down as the CEO and opts for the executive chairman.

Billionaire steps down his position to follow philanthropy and his other passions.

Amazon.com Inc. on Tuesday said founder Jeff Bezos would step down as CEO and will become chief executive, as the company reported its third consecutive quarterly sales and sales revenue of more than $ 100 billion for the first time. The change, set for the third quarter, will make current chief computer officer Andy Jassy Amazon the next chief executive.

Total sales rose to $ 125.56 billion as buyers turned to the world's largest online retailer to buy holidays, beating an estimated $ 119.7 billion analysts, according to IBES data from Refinitiv.

Bezos, who started the company 27 years ago as an online bookseller, said in a letter to staff posted on Amazon's website, "As Executive Chairman I will always be involved in key Amazon programs but have the time and energy I need to focus on Day 1 Fund, Bezos Earth Fund, Blue Origin, Washington Post, and some of my passions. " He added, "I've never had more energy, and this is not about retirement."

Amazon stocks had risen less than one percent in after-hours trading.

Jassy joined Amazon in 1997 and has an MBA from Harvard Business School, according to the company's website. He founded Amazon Web Services (AWS) and developed it into a cloud platform used by millions, the company said. Tom Johnson, transformation officer at Mindshare Worldwide, said Jassy's promotion underscores the importance of web services in the future of Amazon.Jassy's AWS, traditionally a bright place, dropped slightly below expectations. When the cloud computing unit announced a quarterly partnership with ViacomCBS, BMW Group and others, it sent $ 12.7 billion, with analysts estimated at $ 12.8 billion.

Amazon has said it has not announced who will replace Jassy at this time.

Since the start of the US coronavirus outbreak, consumers have turned to Amazon for the delivery of home-grown food and medical supplies. Brick and mortar shops closed their doors; Amazon, which is the largest online retailer, instead employed more than 400,000 employees and sent consecutive profits to record history.

Amazon's chief financial officer Brian Olsavsky told reporters at a conference that the costs associated with the epidemic in the first quarter are expected to reach $ 2 billion, down from $ 4 billion in the fourth quarter.

With its warehouses open, Amazon has had another recording holiday, beating online store sales, subscription sales, third-party service sales such as inventory and other sales to retailers on its platform.

The increase in revenue comes from Amazon's Prime Day advertising event - usually July - to October, which increases holiday shopping time.