NEW YORK (1010 WINS) -- Amazon CEO Jeff Bezos on Tuesday said he will step down and become executive chair of the company’s board.
In a letter obtained by CNBC, Bezos said Amazon Web Services CEO Andy Jassy would take his place as CEO of the e-commerce behemoth.
“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 wrote. “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. Millions of customers depend on us for our services, and more than a million employees depend on us for their livelihoods," he explained. "Being the CEO of Amazon is a deep responsibility, and it’s consuming.”
“When you have a responsibility like that, it’s hard to put attention on anything else," he added. "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.”
The transition, Bezos noted, “isn’t about retiring.”
“I’m super passionate about the impact I think these organizations can have,” he said.