Jeff Bezos, founder and CEO of Amazon, says he will step down as the CEO of the e-commerce compnay by the third quarter of 2021.
Bezos, who has served as the company CEO for 27 years will now assume the executive chairman position.
The company said, Andy Jassy, who heads Amazon Web Services, will now take over as CEO.
In a memo to employees, Bezos said: “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”.
“In the executive chair role, I intend to focus my energies and attention on new products and early initiatives.
“As executive 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 have never had more energy, and this is not about retiring. I am super passionate about the impact I think these organizations can have.”