Jeff Bezos steps down as CEO of Amazon

Amazon CEO Jeff Bezos will be stepping down as CEO of Amazon.

Bezos made the announcement via a letter he wrote to staff Tuesday.

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

Jassy currently heads up Amazon’s cloud business, Amazon Web Services.

Bezos has been Amazon’s CEO since it was founded in 1995, and he now has a net worth of nearly $185 billion.