Nearly 27 years after founding Amazon, Jeff Bezos announced he is officially stepping down as CEO.
Bezos will not be leaving the company entirely though, as he will be transitioning to the position of Executive Chair of the Amazon Board during the company's third quarter.
I intend to focus my energies and attention on new products and early initiatives.
Jeff Bezos in a letter to Amazon employees
Andy Jassy, the former chief executive of Amazon Web Services, will take over as CEO of Amazon.
In an email to employees, Bezos said he is confident in Jassy's ability to lead the company.
"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,” said Bezos.
The billionaire said stepping down will give him extra time to focus on projects like the Day 1 Fund, Bezos Earth Fund, Blue Origin, The Washington Post, and other passions.
"I’ve never had more energy, and this isn’t about retiring. I’m super passionate about the impact I think these organizations can have," said Bezos.
*This is a developing story and will be continued to be updated as more information becomes available.