Amazon announced Tuesday that CEO Jeff Bezos is stepping down later this year and will become executive chair of the company.

Andy Jassy, who is the CEO of Amazon Web Services, will become Amazon’s new CEO when Bezos departs in the third quarter of this year from the CEO post.

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

“As much as I still tap dance into the office, I’m excited about this transition,” Bezos said in the email. “Millions of customers depend on us for.. KEEP READING