According to CNN, he will be replaced by his long time associate Andy Jessy, who will be heading the USD1.75 trillion company.
In February, the company announced that Bezos will be cease to be the company's CEO and will transition to executive chair so he could focus more on his other ventures including the Washington post, space company Blue Origin and philanthropical activities.
However, Bezos will still hold considerable power within the company as the head of the board as well as being the largest individual shareholder.
Exit amidst controversies
Bezos's exit from the company comes amidst controversies which includes the way Amazon's staff are treated, opposition to trade unions, coronavirus policies, anti-competition practices and a host of other issues.
Latest in the allegations against Bezos is claim by ProPublica that the billionaire did not have to pay federal tax in 2007 and last year 2011.
In the article, the publication says the allegations of tax avoidance by some of the richest people in the world are based on IRS reports.
According to CNN's report, Bezos's exit as CEO of Amazon will help him lose the harsh spotlight without losing too much power.
It likens Bezos's exit to Microsoft's Bill Gates and Google's cofounders who gave up their executive powers when questions were asked.
TL/DR: Jeff Bezos will no longer be Amazon's CEO but he will hold considerable power, probably remain one of the richest, if not the richest man, for many years to come and will probably continue to get away with all the things that he's been getting away with.