Jeff Bezos, Amazon’s Founder, Will Step Down As CEO

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Jeff Bezos, Amazon’s Founder, Will Step Down As CEO

Today (February 2), Amazon have announced that current CEO and Founder Jeff Bezos will be stepping down later this year after 27 years in charge.

In a letter to his employees, Bezos said: “I’m excited to announce that this Q3 I’ll transition to Executive Chair of the Amazon Board and Andy Jassy will become CEO.”

“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.”

Speaking on the future CEO, Andy Jassy, Bezos added. “He will be an outstanding leader, and he has my full confidence.”

Since Bezo founded Amazon in 1994 he has transformed it into one of the worlds most valuable retailers. The online megastore sells and delivers a wide variety of products across the world, and Bezos has been the lead driving force behind it for almost three decades.

In January last year, Amazon surpassed a remarkable $1 trillion market cap under Bezos’ leadership.

Bezos’ replacement is Amazons Web Services current CEO Andy Jassy who will takeover during third quarter this year.