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SEATTLE - Jeff Bezos, the founder of Amazon, will step down as chief executive of the e-commerce giant, turning over the reins to the company's longtime cloud-computing boss Andy Jassy.
Bezos, who also owns The Washington Post, will transition to the role of executive chair in the third quarter, the company said. It announced the news as it reported its fourth-quarter results.
Bezos, who often comments about specific business milestones in his earnings statements, spoke more broadly this time about long-term accomplishments in his time running the company.
'If you do it right, a few years after a surprising invention, the new thing has become normal. People yawn. That yawn is the greatest compliment an inventor can receive,” Bezos said.
Bezos, who turned 57 last month and is one of the world's wealthiest people, set up the transition to Jassy last summer, when the company announced that one of its likely successors, Jeff Wilke, would soon retire. That paved the way for Jassy to take the CEO job.