Amazon founder, Jeff Bezos, has stepped down from the position of Chief Executive Officer of the American multinational e-commerce company.
Bezos stepped down from the position on Monday, exactly 27 years after he founded the company.
He handed over the position to Andy Jassy in order to focus on “new products and early initiatives”.
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Currently the world’s richest man, Bezos also declared his plans to spend more time fighting climate change and overseeing the operations of the newspaper he acquired, The Washington Post.
The billionaire will also be focusing on a launch which his private spaceflight company, BlueOrigin, has scheduled for July 20 which himself and his brother, Mark, will be passengers on.
Although Bezos is relinquishing the CEO titles as well as some of the responsibilities that come with it, he is not leaving Amazon fully but will rather transition to the role of executive chair, a kind of strategic adviser to the CEO.