Amazon’s founder will no longer be the company’s CEO.
Rather than be CEO, Jeff Bezos will transition to the role of executive chair later this year.
Andy Jassy, the chief executive of Amazon Web Services, will take Bezos’ role as CEO.
Bezos is considered the wealthiest man in the world with a net worth of $196.4 billion, according to Forbes.
Below is the statement from Bezos announcing his decision:
“Amazon is what it is because of invention. We do crazy things together and then make them normal. We pioneered customer reviews, 1-Click, personalized recommendations, Prime’s insanely-fast shipping, Just Walk Out shopping, the Climate Pledge, Kindle, Alexa, marketplace, infrastructure cloud computing, Career Choice, and much more,” said Bezos. “If you do it right, a few years after a surprising invention, the new thing has become normal. People yawn. That yawn is the greatest compliment an inventor can receive. When you look at our financial results, what you’re actually seeing are the long-run cumulative results of invention. Right now I see Amazon at its most inventive ever, making it an optimal time for this transition.”