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Amazon CEO, Jeff Bezos has described his successor, Andy Jassy as an outstanding leader in the making. Bezos will step down from his role as chief executive later this year and transition to the role of executive chair. The company announced on Tuesday that Andy Jassy will replace the Amazon founder as the new CEO.

The Amazon CEO has held this position since the company’s inception in 1995 and overseen its growth from an online bookseller into a $1.7 trillion global retail and logistics behemoth, which has also made Bezos into one of the world’s richest people.

Jassy has worked for Amazon since 1997 and currently serves as CEO of the company’s cloud business, Amazon Web Services, its biggest profit driver.

“This journey began some 27 years ago. Amazon was only an idea, and it had no name,” Bezos wrote letter to employees Tuesday. “The question I was asked most frequently at that time was, ‘What’s the internet?’ … Today, we employ 1.3 million talented, dedicated people, serve hundreds of millions of customers and businesses, and are widely recognized as one of the most successful companies in the world.”

The news came as part of Amazon’s fourth-quarter earnings report. The company handily beat Wall Street analysts’ projections for both sales and profit, capping a banner year as the pandemic boosted its retail and cloud businesses.

Bezos said in his Tuesday letter that he is excited for the transition, which will free up more time for him to work on outside projects. As executive chair of Amazon, he will focus on “new products and early initiatives,” he said.

“Being the CEO of Amazon is a deep responsibility, and it’s consuming,” Bezos wrote. “When you have a responsibility like that, it’s hard to put attention on anything else. 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. I’m super passionate about the impact I think these organizations can have.”

He added that Jassy “will be an outstanding leader, and he has my full confidence.”