Source: Cristina Laila

Amazon announced on Tuesday that Jeff Bezos will step down as CEO.

Amazon Web Services (AWS) CEO Andy Jassy will replace Bezos in the third quarter of this year.

Bezos will transition to executive chair of Amazon’s board, CNBC reported.

Jeff Bezos said he wants to focus on Bezos Earth Fund, his Blue Origin spaceship company and The Washington Post.

Amazon CEO Jeff Bezos will step down later this year, turning over the helm to the company’s top cloud executive Andy Jassy, the company announced Tuesday. Bezos will transition to executive chairman of Amazon’s board

“As much as I still tap dance into the office, I’m excited about this transition,” Bezos said in his internal announcement. “Millions of customers depend on us for our services, and more than a million employees depend on us for their livelihoods. 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.”

“I’m excited to announce that this Q3 I’ll transition to Executive Chair of the Amazon Board and Andy Jassy will become CEO,” Bezos said in a letter to employees. “In the Exec Chair role, 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.”