Amazon founder Jeff Bezos will step down as CEO of the company he founded 27 years ago later this year and move to the executive board.
Bezos will remain as executive chairman and will stay as the biggest shareholder.
The new CEO will be Andy Jassy, currently the head of the cloud computing divison.
In a letter to employees, Bezos wrote “As much as I still tap dance into the office, I’m excited about this transition.”
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. 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.”