KEY POINTS
  • Amazon CEO Jeff Bezos will leave his post later this year, turning the helm over to the company's top cloud executive Andy Jassy.
  • Jassy joined Amazon in 1997 and has led Amazon's Web Services cloud team since its inception.
  • Bezos said he will stay engaged in important Amazon projects but will also have more time to focus on the Bezos Earth Fund, his Blue Origin spaceship company, The Washington Post and the Amazon Day 1 Fund.

Amazon CEO Jeff Bezos will leave his post later this year, turning the helm over to the company's top cloud executive, Andy Jassy, according to an announcement Tuesday. Bezos will transition to executive chairman of Amazon's board.

Bezos, 57, founded Amazon in 1994 and has since morphed the one-time online bookstore into a mega-retailer with global reach in a slew of different categories from gadgets to groceries to streaming. Amazon surpassed a $1 trillion market cap under Bezos' leadership in January of last year — it's now worth more than $1.6 trillion.