Jeff Bezos has announced he will be stepping down as CEO of Amazon.
He will move down a rank to executive chair in a move he said will give him more time to focus on his other projects.
"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.
"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. He will be an outstanding leader, and he has my full confidence."
Amazon Web Services (AWS) CEO Andy Jassy will take over as Amazon's CEO.
