Jeff Bezos is stepping down from his Amazon post

Amazon announced that Jeff Bezos, CEO of Amazon, will step down from his post later this year and hand over the helm to “Andy Gacy”, while Bezos will move to the board of directors of Amazon.

Gacy joined Amazon in 1997 and has led the Amazon cloud web services team since its inception.

In an email to employees, Bezos said, “Amazonians, I am delighted to announce that, starting in the third quarter of this year, I will move to the position of CEO of the Amazon Board of Directors and Andy Gacy will become CEO.”

“With the new position, I intend to focus my energies and interest on new products and early initiatives . Andy is well known within the company and has been working for it for a long time,” he added.

Bezos founded the “Amazon” company in 1993 with his ex-wife MacKenzie, and became the richest man in the world with a net worth of $ 185 billion.

Amazon’s share price rose 1.1 percent after this announcement.

This news coincides with the earnings report in which Amazon posted record revenues of over $ 100 billion for the first time