Jeff Bezos is stepping down as CEO of Amazon, nearly 30 years after founding the company. Amazon was launched in 1995 as an internet bookseller & later become a pioneer of fast and free shipping that won over millions of shoppers worldwide.

He is stepping down as CEO later this year and he will be replaced by Andy Jassy, who currently serves as CEO of the company’s cloud business.

Bezos said in a note to employees posted on Amazon’s website, “As Exec Chair I will stay engaged in important Amazon initiatives but also have 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.”

“I’ve never had more energy, and this isn’t about retiring.”, he added.

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