Jeff Bezos is stepping down as Amazon CEO and will now become executive chairman as per a statement from the company.
Current cloud computing chief Andy Jassy will replace Bezos come the third quarter.
“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,” Bezos said on the Amazon website. “I’ve never had more energy, and this isn’t about retiring.”
Amazon, which is the world’s largest online retailer, was started by Bezos 27 years ago as an online bookseller.
With the spread of the COVID-19 pandemic, much of the world has turned to online shopping with Amazon a major beneficiary. The company reported its third consecutive record profit and quarterly sales above USD 100 billion for the first time.