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Amazon announced Tuesday that founder Jeff Bezos will step down from his position as CEO. The 57-year-old Bezos will transition to the role of executive chair in the third quarter of 2021; Andy Jassy, CEO of Amazon Web Services, will be the company’s new chief executive, the company said.
Bezos said in a letter to Amazon 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.”
Bezos founded Amazon in 1994, expanding into a massive online retail platform worth $1 trillion by 2018. Tuesday’s announcement came as the Federal Trade Commission voted to approve an agreement in which Amazon would pay $61.7 million to settle allegations it failed to pay Flex delivery drivers their full tips.
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