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Jeff Bezos is stepping down as Amazon CEO

Jeff Bezos is stepping down from his role as CEO of Amazon.

Bezos, who founded the company more than 25 years ago, announced Tuesday that he'll transition to become the executive chair of Amazon's board in Q3 of this year. Amazon Web Services CEO Andy Jassy will take over, and Bezos said in an press release that he has "full confidence" in the longtime Amazon executive.

After stepping away from his "time consuming" role at the helm of Amazon, Bezos said he'll focus on his other projects and initiatives, including The Washington Post, his aerospace company Blue Origin, and his nonprofits focused on climate change and homelessness. He also praised Amazon employees for their "inventiveness" in creating a range of products and services under the company umbrella, and counted the company's $15 minimum wage and climate pledge among his favorite achievements.

Bezos has amassed a net worth of more than $184 billion as Amazon CEO, with share prices at the company skyrocketing since the start of the COVID-19 pandemic. Amazon warehouse employees have complained about unsafe working conditions both before and during the pandemic, and the company has long tried to squash unionization efforts among its workforce.