Jeff Bezos Steps Down as Amazon CEO

Amazon CEO Jeff Bezos will step down as chief executive of the company he founded more than 25 years ago, the online retailer announced Thursday.

Andy Jassy, head of Amazon Web Services, will take the reins as CEO beginning in the third quarter, while Bezos will become executive chairman, Amazon said.

In a memo to employees posted on Amazon’s blog, Bezos said he was giving up the CEO role to focus on other ventures, including the Bezos Climate Fund, the Washington Post and Blue Origin, Bezos’ space flight company.

“We’ve done crazy things together, and then made them normal,” Bezos wrote, outlining a list of Amazon innovations: “Customer reviews, 1-Click, personalized recommendations, Prime’s insanely-fast shipping, Just Walk Out shopping, the Climate Pledge, Kindle, Alexa, marketplace, infrastructure cloud computing, Career Choice, and much more.”

Amazon’s share price ticked down in after-hours trading, falling about 1%, or $30. The company’s stock has been on a tear since the onset of the coronavirus pandemic, and is up 60% from a year ago.

This is a developing story.

This article was originally published on CBSNews.com on Feb. 2, 2020.

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