Update: Jeff Bezos to step down as Amazon CEO

The Chief Executive Officer and Founder, Amazon, Jeff Bezos is expected to step down from his role by the third quarter of 2021.

This was disclosed by Amazon in a statement according to Forbes on Tuesday.

Bezos, 57, will become an Executive Chair and is expected to be replaced by Amazon’s Cloud Computing Division CEO, Andy Jassy, Amazon said.

Bezos stated, “Right now, I see Amazon at its most inventive ever, making it an optimal time for this transition.”

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Breaking News: Jeff Bezos to step down as Amazon CEOhttps://t.co/SUTg5bjVdC pic.twitter.com/ZdT9VGGV79

— Forbes (@Forbes) February 2, 2021

As the Executive Chairman, he said, he intends “to focus my energies and attention on new products and early initiatives.”

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What you should know

Bezos had stepped back from much of the day-to-day business over several years, though the pandemic pulled him back in last spring.

The move marks the end of an era for Amazon, as Bezos has personified the company since he founded it as an online bookseller in 1996, growing it into a $1.7 trillion with more than 1.2 million workers.

Under Bezos leadership, the company  grew into sales of millions of different items, turning to a logistics giant,  before it spread further into cloud computing, streaming entertainment and artificial-intelligence-powered devices.