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Jeff Bezos To Step Down As Amazon's CEO

NEW YORK (CBSNewYork) - Amazon's Jeff Bezos will step down as CEO, the company announced Tuesday.

Bezos founded Amazon nearly 30 years ago.

In a message to staff on Amazon's blog, Bezos announced he'll transition to be Executive Chair of the Amazon board later this year.

Andy Jassy will be the new CEO.

Bezos says the move will allow him to "stay engaged in important Amazon initiatives but all have the time and energy I need to focus on" other projects, including The Washington Post, his space program Blue Origin, and other endeavors.

"I've never had more energy, and this isn't about retiring. I'm super passionate about the impact I think these organizations can have," he wrote.

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