Jeff Bezos, in a letter to Amazon employees:
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.
This isn’t surprising. This keeps him out of the line of Congressional testimony, which I can’t believe he enjoys (and isn’t very good at), and gives him more time to do everything else he wants to do. Jassy is currently the chief executive of Amazon’s cloud computing division, and it makes sense to promote Jassy — Amazon is arguably a cloud computing company first, and a logistics/shipping company second (and an online shopping company third).
But this also gives Bezos more time to invest in his many other interests:
Being the CEO of Amazon is a deep responsibility, and it’s consuming. 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.