s3cmd ImportError: No module named S3.Exceptions

Received an error after installing and trying to run s3cmd 1.0.0

s3cmd -h

Problem: ImportError: No module named S3.Exceptions
S3cmd:   unknown version. Module import problem?

Traceback (most recent call last):
  File "/usr/bin/s3cmd", line 1995, in <module>
    from S3.Exceptions import *
ImportError: No module named S3.Exceptions

Your sys.path contains these entries:

This error came about after upgrading to the latest Amazon Linux distro 2015.03.0