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Breaking: Jeff Bezos steps down as the CEO of Amazon

The second richest man in the world, Jeff Bezos has stepped down from his position as the CEO of Amazon.

Jeff Bezos founded the e-commerce firm, Amazon 27 years ago.

Head of Amazon’s cloud computing unit, Andy Jassy will take over the reigns in the third quarter of 2021. Bezos, 57, will then become executive chair of Amazon’s board, Bezos said in a letter.

As of today, Amazon is worth over $1.6trillion as the company surge higher during the stay at home period as the pandemic forced many to shop online.

Bezos said he was stepping down so he could spend more time on “other passions.” In addition to Amazon, he owns spaceship exploration company Blue Origin and The Washington Post.

“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. “He will be an outstanding leader, and he has my full confidence.”

“As much as I still tap dance into the office, I’m excited about this transition,” Bezos said, adding that he will focus on “the Day 1 Fund, the Bezos Earth Fund, Blue Origin, The Washington Post, and my other passions.” The Day 1 Fund and Bezos Earth Fund are charitable organizations.

Jassy joined Amazon in 1997 and has long been rumored to be a potential Bezos successor. He’s led the profitable Amazon Web Services cloud team since its inception.

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