Jeff Bezos, the founder and CEO of Amazon, will transition to executive chairman in the third quarter, with Andy Jassy to become the company’s chief executive officer.
Bezos founded Amazon in 1994, and the online retail giant surpassed a $1 trillion market cap last year according to CNBC.
“I’m excited to announce that this third quarter 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.”
Jassy joined Amazon in May 1997 and founded Amazon Web Services in 2003. He was promoted to CEO in 2016.