Amazon announced Tuesday that Jeff Bezos will step down as CEO during the third quarter of 2021. 

Bezos will transition to the role of executive chairman and the head of Amazon Web Services, Andy Jassy, will be promoted to run all of the company.

“In the Exec Chair role, I intend to focus my energies and attention on new products and early initiatives,” said Bezos in an email to employees.

“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,” said Amazon’s founder.

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