The founder and CEO of Amazon, Jeff Bezos, is set to step down from his post as CEO in the third quarter of the year.
In a letter sent to employees on Tuesday, the Amazon announced that Andy Jassy will replace Jeff Bezos as CEO while Bezos will transition to executive chair of Amazon’s board.
“I’m excited to announce that this Q3 I’ll transition to Executive Chair of the Amazon Board and Andy Jassy will become CEO,” Bezos said in a letter to employees.
“In the Exec Chair role, I intend to focus my energies and attention on new products and early initiatives. Andy is well known inside the company and has been at Amazon almost as long as I have. He will be an outstanding leader, and he has my full confidence.”
Bezos founded Amazon in 1994 and since then has morphed it from an online bookstore into a mega online retailer that sells and delivers all sorts of products all over the world. In January of last year, Amazon surpassed a $1 trillion market cap under Bezos’ leadership.
Jassy joined Amazon in 1997 and has led Amazon’s Web Services cloud team since its inception.