Jeff Bezos has resigned from his position as CEO of Amazon. As NBC reported, Bezos will step down to the lesser role of the company’s executive chairman.
“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 said in a letter to employees on Tuesday (Feb 2). “In the Exec Chair role, I intend to focus my energies and attention on new products and early initiatives.”
The businessman will be replaced by Andy Jassy, a longtime employee who joined Amazon in 1997 and helped to build the Amazon Web Series, which accounts for 52% of the company’s operating income, per NBC.
“Andy is well known inside the company and has been at Amazon almost as long as I have,” Bezos continued. “He will be an outstanding leader, and he has my full confidence.”
Bezos founded Amazon as an online bookstore in 1994. Under his leadership, the company has grown to become a $1.6 trillion one-stop stop for those interested in buying goods in categories ranging from grocery to electronics. With the company’s success, Bezos maintains he will “stay engaged in important Amazon initiatives.” However, he wants to center his focus on some “other passions” and ventures, including the Day 1 Fund, the Bezos earth Fund, Blue Origin and The Washington Post.
“I’ve never had more energy, and this isn’t about retiring,” he wrote. “I’m super passionate about the impact I think these organizations can have.”
“As much as I still tap dance into the office, I’m excited about this transition,” Bezos went on. “Millions of customers depend on us for our services, and more than a million employees depend on us for their livelihoods. 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.”