Jeff Bezos is stepping down from the role of Amazon’s CEO, according to an email written by the retail magnate and shared by The Verge.
Bezos will not be leaving Amazon entirely, however, and in Q3 will instead be transitioning to a new position as executive chair of the Amazon Board.
Replacing Bezos will be Andy Jassy, who has been serving as CEO of Amazon Web Services (AWS).
Reportedly, the reason for this change is Bezos’ need for more time and energy to focus on his many other endeavors, including the Day 1 Fund, the Bezos Earth Fund, The Washington Post, and Blue Origin, among other passions.
“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,” Bezos wrote in the email announcement.
As the executive chair, Bezos will still be involved in major company decisions.
Amazon began as an online bookstore back in 1994 but has developed into one of the most influential tech companies worldwide with its products and services like the Amazon Echo lineup and Amazon Prime, and has even become a massive player in the grocery industry.