Jeff Bezos Steps down as Amazon’s CEO

On Wednesday, Amazon announced that Jeff Bezos, the Founder of the e-commerce giant will step down as the chief executive officer of the company.

Andy Jassy, the head of the company’s web services, Amazon Web Services, is set to take over from Bezos.

Andy Jassy replaces Bezos as CEO.

“I’m excited to announce that this Q3 I’ll transition to Executive Chair of the Amazon Board and Andy Jassy will become CEO. In the Exec Chair role, I intend to focus my energies and attention on new products and early initiatives.”

“As much as I still tap dance into the office, I’m excited about this transition…As Exec Chair I will stay engaged in important Amazon initiatives but also have the time and energy I need to focus on the Day 1 Fund, the Bezos Earth Fund, Blue Origin, The Washington Post, and my 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,” Bezos partly said in an email to employees on Tuesday.

Bezos founded Amazon in July 1994, and was then aimed at being an e-library before the company broadened its scope along the line. Now it is a multimillion dollar business that has become the foremost online marketplace, Artificial Intelligence provider, largest internet company by revenue, and is a part of the Big Five companies in the United States Information Technology, alongside Facebook, Google, Apple and Microsoft.

Jeff Bezos is the second richest man in the world, behind only Tesla’s Elon Musk.

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