Amazon founder Jeff Bezos to step down as CEO, transition to executive chair role

Amazon announced Tuesday its founder Jeff Bezos is stepping down as CEO. 

A press release states Bezos will transition to the role of executive chair, and Andy Jassy will become the next CEO of Amazon. 

Bezos also sent a letter to his employees announcing the transition. "In the Exec Chair role, I intend to focus my energies and attention on new products and early initiatives," he wrote. 

Besoz said Jassy is well-known inside the company and has been there "almost as long as I have." 

"He will be an outstanding leader, and he has my full confidence," Bezos wrote. 

This is a developing story. Check back for updates.