According to the February 2 announcement, Bezos will be replaced by Andy Jassy.
Bezos has been Amazon’s CEO since its founding in 1995 and grew the company from an online bookseller into a $1.7 trillion global retail and logistics Heavyweight.
Bezos said in a letter to employees Tuesday that he is excited to take the next step.
“Being the CEO of Amazon is a deep responsibility, and it’s consuming,” Bezos wrote.
“When you have a responsibility like that, it’s hard to put attention on anything else. 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.”
The news came as part of Amazon’s fourth-quarter earnings report.
The company’s stock has grown nearly 69% over the past year.
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