Jeff Bezos is stepping down as Amazon CEO

(CNN) -- Amazon founder Jeff Bezos will step down from his role as chief executive later this year and transition to the role of executive chair, the company said Tuesday. He will be replaced by Andy Jassy, who currently heads the company's cloud business, Amazon Web Services.

Amazon shares were flat in after-hours trading Tuesday. The company's stock has grown nearly 69% over the past year.

This is a developing story and will be updated.

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