The Chief Executive Officer of the e-commerce giant Amazon, Jeff Bezos announced on Tuesday that he will be giving up his position in the company in mid-2021. 

The head of Amazon Web Series, Andy Jassy will be taking the reins of the company in the third quarter of the year. 

The announcement was made after Amazon disclosed a strong financial standing after the holiday season of 2020 and reported a 44% jump in the revenue and $7.2 billion in profits in the final quarter. 

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After stepping down, Bezos will take up the role of executive chair in the third quarter after Jassy fills in for him. 

Bezos said in a statement, "Amazon is what it is because of invention. Right now I see Amazon at its most inventive ever, making it an optimal time for this transition."

The soon-to-be CEO, Andy Jassy became the marketing manager of the company in 1997 and further went on to establish Amazon Web Service, which turned out to be a substantially profitable underdog for the company, in 2003. 

Bezos, who is currently the world's richest person, further stated that he plans to divert his attention towards media projects, philanthropic engagement and space but would "stay engaged" with any significant projects the company takes up.  

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"I've never had more energy, and this isn't about retiring," Bezos said in a letter to employees announcing his plan to transition to the role of executive chair.

While announcing his decision to step down, Bezos stated in a letter, "I've never had more energy, and this isn't about retiring. 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."