Jeff Bezos announced plans to step down as CEO of Amazon in Q3 and will transition into the role of Executive Chair. In his new role, Bezos will focus on “new products and early initiatives” at Amazon while also directing his efforts toward other personal ventures (the Day 1 Fund, the Bezos Earth Fund, Blue Origin, and The Washington Post). Bezos will be succeeded by Amazon Web Services CEO Andy Jassy. Read his email announcing the transition here.
More context: Bezos started Amazon in 1994 as an online book retailer and subsequently grew the company into one of the largest and most influential businesses in history. Amazon now has a $1.7T market cap and the third-largest weighting in the S&P 500.
Extra: Amazon also announced Q4 earnings yesterday, generating $126B in revenue (and surpassing $100B in a single quarter for the first time).