Amazon CEO and founder Jeff Bezos will step down later this year, transitioning to executive chair of the company’s board.
Amazon Web Services CEO Andy Jassy will replace Bezos.
The e-commerce giant made the announcement Tuesday, saying Bezos will move out of the role during the third quarter.
“In the Exec Chair role, I intend to focus my energies and attention on new products and early initiatives," Bezos wrote in a letter to employees as obtained by CNBC. "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, originally as an online bookstore. The company’s growth exploded over the next two decades, eventually surpassing a $1 trillion market cap last January.
Jassy, who runs Amazon’s cloud computing business, joined the company in 1997.
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