Amazon CEO Jeff Bezos Will Step Down This Year

By Sheridan Fifer

After more than two decades at the helm of his company, Amazon CEO Jeff Bezos is stepping down. He will be replaced by Andy Jassy, currently the CEO of Amazon Web Services, later this year. In his new capacity as executive chair of Amazon, Bezos will still have a hand in the online retailer's major initiatives, as well as time for other projects. Bezos says that the leadership change is not anything like retirement. He cited the all-consuming nature of the job and said he has never had more energy; he is ready to redirect some of it to organizations he is passionate about, including the Day 1 Fund, the Bezos Earth Fund, Blue Origin, and The Washington Post. 

He added that Jassy "will be an outstanding leader, and he has my full confidence."

Read the full story at CNN Business.