Amazon CEO Jeff Bezos will step down to become chief executive, leaving Andy Jassy in place. The founder of the e-commerce group, 57, said on Tuesday that it was an "optimal time" to make the move, which will take place in the third quarter.
In a letter to staff, Mr Bezos said he would remain "engaged in important Amazon initiatives" but would turn more attention to his personal climate change initiatives, space research company Blue Origin and the Washington Post newspaper he owns.
Mr. Bezos has been Amazon's chief executive since its inception in 1994, during which time he became one of the richest people in the world, with a current value of nearly $ 200 billion, according to Forbes.
"I have never had more energy than now and it has nothing to do with retirement," he wrote in the letter.
The difference between a CEO and an CEO is that, the CEO is the main decision maker of a company, and all other executives are accountable to him or her. While the executive chairman of a company is the head of the board of directors.
