Jeff Bezos has stepped down as CEO of Amazon, the company he founded in his garage 27 years ago and built into one of the world's most valuable businesses. He will become Executive Chairman while Andy Jassy, who built Amazon Web Services into a dominant cloud computing platform, takes the helm.

Bezos said he will focus on his space company Blue Origin, his philanthropy, and other ventures. His departure comes as Amazon faces increasing regulatory scrutiny and labor organizing efforts.

"Being the CEO of Amazon is a deep responsibility, and it's consuming," Bezos wrote in a letter to employees. "I'm excited about this transition."