Jeff Bezos, Amazon’s Founder, Will Step Down as CEO

NEW YORK (AP) — Amazon said Tuesday that Jeff Bezos is stepping down as CEO later this year, a role he’s had since he founded the company nearly 30 years ago.

In a blog post to employees, Bezos said he planned to focus on new products and early initiatives being developed at Amazon. He said he would have more time for side projects, including his space exploration company Blue Origin, his philanthropic initiatives, and overseeing The Washington Post, which he owns.

Bezos built the company from an online bookstore into a behemoth that sells just about everything.

Amazon said he’ll be replaced in the fall by Andy Jassy, who runs Amazon’s cloud business.

Bezos will then become the company’s executive chairman.