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Jeff Bezos is stepping down as Amazon CEO: Read his full letter to staff

Day One is finally over for Jeff Bezos.

In a stunning development for one of the world’s most valuable companies, the Amazon founder is stepping down as chief executive in the third quarter of this year. Andy Jassy, who runs Amazon’s fast-growing Amazon Web Services unit, will assume the CEO role, while Bezos will transition to the role of executive chair.

The e-commerce giant made the bombshell announcement in advance of its fourth-quarter earnings report on Tuesday afternoon.

“This journey began some 27 years ago,” Bezos wrote in a memo to staff. “Amazon was only an idea, and it had no name. The question I was asked most frequently at that time was, ‘What’s the internet? Blessedly, I haven’t had to explain that in a long while.”

You can check out the full letter below:

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