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CEO Jeff Bezos will be stepping down from his role since he founded the e-commerce company Amazon 27 years ago. Bezos is the second richest man in the world, at age 57.
Employees were sent a letter on Tuesday regarding the resignation during the third quarter of 2021.
Andy Jassy, the head of Amazon’s cloud-computing unit will take over, becoming the executive chair of Amazon's board.
Amazon was founded in 1994 as a bookseller platform online but has since turned into its own Silicon Valley giant that sustains 37% of all online sales in the United States.
In January, the market for Amazon surpassed a valuation of $1 trillion, continuing to grow and go up on the charts.
Bezos will reportedly be stepping down to focus on ‘other passions' such as the Day 1 Fund, the Bezos Earth Fund, Blue Origin, The Washington Post.
“I intend to focus my energies and attention on new products and early initiatives. Andy is well known inside the company and has been at Amazon almost as long as I have. He will be an outstanding leader, and he has my full confidence,” Bezos said.
“As much as I still tap dance into the office, I’m excited about this transition,”
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