Amazon CEO, Jeff Bezos to step down this year

The Chief Executive Officer of Amazon company, Jeff Bezos will step down from his CEO position later this year.

The company had announced on February 2nd that the Amazon boss will be replaced by Andy Jassy, a long time employee of the company.

Since 1995 the Amazon company was formed, Bezos has been the company’s CEO, he advanced the company from an online bookseller into a $1.7 trillion global retail and logistics Heavyweight.

Jassy who is to take over, has worked for Amazon since 1997 and currently serves as CEO of the company’s cloud business, Amazon Web Services.

In a letter to employees of the company, Bezos wrote,

“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 Executive Chairman 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.”

The company’s stock has grown close to 69% over the past one year.