San Francisco: In a significant development, Amazon CEO Jeff Bezos has announced to step down as CEO and a transition to a new position as executive chair of the Amazon board in the third quarter this year.
Andy Jassy, who is the CEO of the company’s profit-making Cloud arm Amazon Web Services (AWS), will replace Bezos.
“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,” Bezos said late on Tuesday.
“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.”