BREAKING: Jeff Bezos Stepping Down as Amazon CEO

Emma McIntyre, Getty Images.

Jeff Bezos is stepping down as CEO of Amazon.

In an announcement to employees Tuesday, Bezos said he’s transitioning to Executive Chair of the Amazon Board later this year.

“As Exec Chair I will stay engaged in important Amazon initiatives but also have the time and energy I need to focus on the Day 1 Fund, the Bezos Earth Fund, Blue Origin, The Washington Post, and my other passions. I’ve never had more energy, and this isn’t about retiring. I’m super passionate about the impact I think these organizations can have,” Bezos said in the statement.

Andy Jassy has been tapped as the next CEO of Amazon.