MANDEL NGAN/AFP via Getty ImagesBy CATHERINE THORBECKE, ABC News
(SEATTLE) — Amazon announced Tuesday that Jeff Bezos will be stepping down as CEO, and transitioning to executive chair of the company’s board, in the third quarter of this year.
Andy Jassy, the current chief executive of Amazon Web Services, will replace Bezos as the e-commerce giant’s new CEO.
In a memo to Amazon staff posted on the company’s website, Bezos reflected on how the company he founded in 1994 has exploded in growth over the past few decades.
“As much as I still tap dance into the office, I’m excited about this transition,” Bezos wrote. “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.”
As executive chair of the board, Bezos said he 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.”
“I’ve never had more energy, and this isn’t about retiring. I’m super passionate about the impact I think these organizations can have,” Bezos wrote.
Bezos also expressed confidence in Jassy, saying he “has been at Amazon almost as long as I have.”
“He will be an outstanding leader, and he has my full confidence,” Bezos added.
Amazon has propelled Bezos to become one of the wealthiest people on the planet, with a net worth of some $188 billion, according to Bloomberg data.
This is a developing story. Please check back for updates.
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