BUSINESS

Bezos to Step Down as Amazon CEO, Will Transition to Executive Chair – Report

Founded in 1994, Amazon has morphed from an online bookstore into a far-reaching, mega online retailer that sells and delivers products worldwide. Although known for its quick service, the company has repeatedly come under fire for its treatment of its workforce.

Amazon announced Tuesday that its longtime CEO Jeff Bezos is stepping down from the executive post and will be replaced by Andy Jassey, who has been running the company’s cloud computing division.

The transition is expected to take place during the third quarter of the year and will see Bezos serve as the executive chair of Amazon’s board.

In a letter issued to employees, Bezos indicated that he would be focusing his “energies and attention on new products and early initiatives,” as he hands over the reins to Jassey, who Bezos stated would be “an outstanding leader.”

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