![Jeff Bezos Moving Out Of CEO Role At Amazon](http://townsquare.media/site/34/files/2017/09/GettyImages-450831302.jpg?w=980&q=75)
Jeff Bezos Moving Out Of CEO Role At Amazon
According to reports, billionaire entrepreneur and founder of Amazon, Jeff Bezos, will be moving out of his roll as Chief Executive Officer of the company. In a letter to the company's employees, Bezos explained that he would be moving into an Executive Chair position on the company's board.
You can check out the announcement from @CNBCnow below on Twitter.
The report from CNBC details that throughout a Q3 transition, Andy Jassy will become CEO of Amazon. Bezos will reportedly spend his time focusing on, "new products and early initiatives".
With Jassy having been with the company since just a few years after its founding, Bezos is confident in his replacement inside of the C-suite. The news came just after closing-bell in the stock market, which sent a quick spike of the Amazon stock. Jassy is coming into be the head of a very health business, as the stock price on the company has increased by roughly 480% over the past five years.
While recently Elon Musk took over Bezos as the richest person in the world, I don't foresee Mr. Bezos having any trouble keeping the bills paid as he moves away from his longtime role as CEO of Amazon.
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