Amazon CEO Jeff Bezos will be stepping down as the company's CEO this year. He reportedly made the announcement in a letter to the employees, stating current Amazon Web Services CEO Andy Jassy will be taking over as the CEO this year.
He expressed his intention to transition to the role of the executive chair but stated that he will stay engaged in the important initiatives of Amazon. After stepping down, Bezos said that he will focus on philanthropic initiatives, which include his Day One Fund, Bezos Earth Fund and his space exploration and journalism ventures.
He also emphatically stated that his stepping down has nothing to do with retiring.
57-year-old Bezos had started Amazon in 1999, growing the company out of his garage to become of the top, formidable tech entities in the world. The company now dominates the online retail space with operations in music, tech, cloud computing, AI, robotics, television, etc. It also earned Bezos the title of the World's Richest Man.
In a statement to the employees, Bezos wrote, "As much as I still tap dance into the office, I’m excited about this transition. Millions of customers depend on us for our services, and more than a million employees depend on us for their livelihoods. 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. 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."
He also owns The Washington Post and Blue Origin, a privately funded aerospace manufacturer and sub-orbital spaceflight services company.