Amazon founder Jeff Bezos quits
Amazon founder Jeff Bezos will be replaced by Andy Jassy, who will take over the top spot of the company during the third quarter of this year.
Mr Bezos will still be a part of the company that he founded in 1994 and will transition to executive chair of Amazon's Board.
"I'm excited to announce that this Q3 I'll transition to Executive Chair of the Amazon Board and Andy Jassy will become CEO," Mr Bezos said in a letter to employees.
"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."
Amazon has transformed from an online bookstore to a mega retailer under Mr Bezos leadership.
More to come...
Originally published as Amazon founder Jeff Bezos quits