Andy Jassy to replace Jeff Bezos as Amazon CEO

Jeff Bezos, who founded Amazon as an online bookstore and built it into a shopping and entertainment behemoth, will step down later this year as CEO, a role he’s had for nearly 30 years, to become executive chairman, the company announced.

According to The Associated Press, Bezos, 57, will be replaced in the fall by Andy Jassy, who runs Amazon’s cloud-computing business.

In a blog post to employees, Bezos said he planned to focus on new products and early initiatives being developed at Amazon. He said he would have more time for side projects, including his space exploration company Blue Origin, his philanthropic initiatives and overseeing The Washington Post, which he owns.

Bezos, who is the company’s biggest shareholder, will still have broad influence over the company.

“Jeff is really not going anywhere,” Amazon executive Brian Olsavsky said in a call with reporters.

“It’s more of a restructuring of who’s doing what.”

Launched in 1995, Amazon was a pioneer of fast, free shipping that won over millions of shoppers who used the site to buy diapers, TVs and just about anything else.