Amazon Chief Executive Office, Jeff Bezos, is set to step down after 26 years. He will transition his role as CEO to Andy Jassy.
His successor, Andy Jassy, has worked as the company CEO of Amazon Cloud Business.
Bezos expressed his decision in a letter to employees on Tuesday, saying that he “is excited to take this step.”
He said, “When you have a responsibility like this, you hardly have time for any other things important. As Exec Chairman I will engage more attention to Amazon initiatives and also have time for other things I didn’t pay attention to before like the Bezos Earth Fund, the Day 1 Fund, Blue Origin, The Washington Post, and the other passions I’ve never put energy into, this is not about retiring.”
The company’s stock has grown to about 69 percent over the past years.