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Amazon CEO makes a major transition.

In a dramatic and unprecedented development, Amazon CEO Jeff Bezos is going to step down from his position at the multi-billion dollar company after more than a quarter century of leadership at Amazon.

Mr. Bezos will be holding the title of Executive Chairman and remain the largest shareholder in the company.

Jeff has been at Amazon for much of its existence and is responsible for getting Amazon to number 1 positions in not only retail but also in the cloud solutions provider segment.

The new CEO of the company will be Andy Jassy who previously handled the lucrative cloud computing division of the company.

In a letter to employees, Jeff said:

I’m excited to announce that this Q3 I’ll transition to Executive Chair of the Amazon Board and Andy Jassy will become CEO. 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.

Jeff Bezos net worth is currently a staggering $196.2B and is the richest man in the world.

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