Amazon announced Tuesday its founder Jeff Bezos is stepping down as CEO.
A press release states Bezos will transition to the role of executive chair, and Andy Jassy will become the next CEO of Amazon.
Bezos also sent a letter to his employees announcing the transition. "In the Exec Chair role, I intend to focus my energies and attention on new products and early initiatives," he wrote.
Besoz said Jassy is well-known inside the company and has been there "almost as long as I have."
"He will be an outstanding leader, and he has my full confidence," Bezos wrote.
This is a developing story. Check back for updates.