The chief executive of Amazon, Jeff Bezos has resigned from the position 27 years after he founded the company.
Earlier in the year, Bezos announced his decision to step down in order to be able to focus on initiatives such as his plans for private space travel.
Jezos, 57, Amazon’s biggest shareholder with a $180 billion stake, is being replaced by Andy Jassy, the mastermind behind Amazon’s cloud computing division.
The American multi-billionaire, making the announcement, Monday, said he wanted to “focus his energies and attention on new products and early initiatives” in his new role of executive chair.
“This journey began some 27 years ago. Amazon was only an idea, and it had no name. The question I was asked most frequently at that time was, ‘What’s the internet?’ Blessedly, I haven’t had to explain that in a long while,” Bezos wrote in a letter to Amazon employees earlier this year.
“Today, we employ 1.3 million talented, dedicated people, serve hundreds of millions of customers and businesses, and are widely recognised as one of the most successful companies in the world.”
Mr Bezos revealed that he would “stay engaged in important Amazon initiatives” but also concentrate on projects away from the day-to-day running of the business in his new position.
According to him, the move would give him the “time and energy” needed to “focus on the Day 1 Fund, the Bezos Earth Fund, Blue Origin, The Washington Post” and his “other passions”.
Mr Bezos assured that he had “full confidence” in his replacement, Mr. Jassy.
“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,” he said.
The change in Amazon management is coming exactly 27 years after Mr. Bezos founded the company as an internet bookseller.