Jeff Bezos will step down as CEO of Amazon, the e-commerce giant announced Tuesday.
Amazon Web Services CEO Andy Jassy will replace Bezos as chief executive in the third quarter of this year.
Bezos will take on a new role as executive chair of Amazon’s board.
“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 wrote in a letter to Amazon employees.
Describing his job as CEO as “consuming” and a “deep responsibility,” Bezos said he has had little time to focus on other endeavors and said the transition will allow him “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.”
He promised to stay engaged in “important Amazon initiatives” in the future, however.
Bezos founded Amazon in 1994. Jassy joined the company three years later in 1997.
The news comes as Amazon reports a year of record growth. A Tuesday earnings report stated that Amazon’s net sales increased by 38 percent from 2019, producing $21 billion in income for the mammoth company.