Jeff Bezos, the billionaire founder of the global online retail giant Amazon, has annouced he will be stepping down from the role of Chief Executive Officer (CEO) of the company. He will be replaced by Andy Jassy, the chief of Amazon’s cloud computing division. Meanwhile, Bezos will become executive chairman.
“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,” Bezos said in a letter to employees published online. “He will be an outstanding leader, and he has my full confidence.”
“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.”
Bezos has been the CEO of Amazon since founding the company in 1997. Amazon started out as an online book retailer, and has since evolve into a $1.7 trillion global retail behemoth, making Bezos one of the richest men in the world.