Jeff Bezos To Step Down As Amazon's CEO This Year

After nearly 30 years of starting Amazon Inc as an online book store and turning it into a shopping and entertainment behemoth, founder Jeff Bezos will step down as the CEO of the company.

Amazon Inc said on Tuesday that Bezos will become executive chairman, a move he said would give him "time and energy" to focus on his other ventures. He will be replaced by Andy Jassy, who currently leads Amazon's cloud computing business.

The transition will take place in the second half of 2021, said the company on Tuesday.

"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 in a letter to Amazon's employees 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."

"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 added.

As the biggest shareholder of Amazon Inc, Bezos is expected to continue to have a broad influence on the company.