Jeff Bezos stepping down as Amazon CEO, will become executive chairman

Amazon founder Jeff Bezos is stepping down as CEO of the e-commerce giant, the company said in a surprise announcement on Tuesday.

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Bezos will transition to a role as Amazon’s executive chairman of the board during the company’s third fiscal quarter. The company did not provide an exact date for the change.

Andy Jassy, currently the CEO of Amazon’s cloud computing wing, will replace Bezos as CEO. Bezos touted Amazon’s innovations in a statement detailing the reason for his exit.

“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,” Bezos said.

“If you do it right, a few years after a surprising invention, the new thing has become normal. People yawn,” he added. “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.”

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