Amazon founder and CEO Jeff Bezos officially stepped down Monday to transition into his new executive chairman position.
Bezos founded Amazon 27 years ago, on July 5, 1994, and grew it into the retail giant we know today. According to Fox Business, he is being replaced by Andy Jassy. Before stepping into his new role as chief executive officer, Jassy ran Amazon’s cloud-computing business.
Jassy is a longtime executive with the company, having been with Amazon since 1997. The portion of the business he runs powers video-streaming site Netflix and multiple other companies. Cloud computing has grown into Amazon’s most profitable business.
Bezos is still the company’s largest shareholder. “Jeff is really not going anywhere,” said Amazon’s Chief Financial Officer Brian Olsavsky in a call with reporters. He called the move a “restructuring of who’s doing what.”
Bezos told employees in a February blog post that he planned to focus on early initiatives at Amazon and new products. He will also have more time for his many side projects, including his space exploration company Blue Origin, his philanthropic endeavors, and overseeing The Washington Post.
“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,” he wrote. “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.”
