Amazon's founder Jeff Bezos has announced that he will be stepping down as Chief Executive Officer (CEO) later this year.

Jeff made the announcement via an email he sent to Amazon employees on Tuesday, where he said he will be moving from being the company's CEO to Executive Chairman of the Amazon Board.

He explained that he intends to focus his energy and attention on new products and early initiatives, thereby announcing Andy Jassy as his successor.

Read his resignation email to Amazon employees below...

Fellow Amazonians:

"I'm excited to announce that this Q3 I'll transition to Executive Chair of the Amazon Board and Andy Jassy will become CEO. In the Exec Chair role, I intend to focus my energies and attention on new products and early initiatives.

"Andy is well known inside the company and has...CONTINUE

Ok oo, but I don't think that is a step down.