By Dylan Byers and Leticia Miranda

Jeff Bezos said Tuesday that he will step down as chief executive of Amazon, leaving the helm of the company he founded 27 years ago.

Bezos will transition to the role of executive chair in the third quarter of this year, which starts July 1, the company said. Andy Jassy, the chief executive of Amazon Web Services, will take over as CEO of Amazon.

In a memo to employees, Bezos said the transition will give him “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.”

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