(CBS News) Amazon CEO Jeff Bezos will step down as chief executive of the company he founded 27 years ago, the online retailer announced Tuesday.

Andy Jassy, head of Amazon Web Services, will take the reins as CEO beginning in the third quarter, while Bezos will become executive chairman, Amazon said.

In a memo to employees posted on Amazon’s blog, Bezos said he was giving up the CEO role to focus on other ventures, including the Bezos Climate Fund, the Washington Post and Blue Origin, Bezos’ space flight company.

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