Jeff Bezos to step down as Amazon CEO

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Jeff Bezos will step down from his role as the Amazon CEO later this year, the biggest and the most significant change of guard at the company he founded back in 1994.

Andy Jassy, the CEO of Amazon Web Services, will take over the helm of the e-commerce giant in the third quarter while Bezos will transition to the role of executive chairman.

Jeff Bezos, Amazon’s founder and chief executive, will hand over the reins of the e-commerce firm he founded to Amazon Web Services’ Andy Jassy and transition into the role of an executive chairman later this year.

“I’ve never had more energy, and this isn’t about retiring,” Bezos said in a note to employees. “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 news came along with Amazon’s fourth quarter results. The company has reported its third consecutive record profit and quarterly sales above $100 billion for the first time.

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