(Credit: David Ryder / Getty Images)
(CNN) ––
Amazon CEO Jeff Bezos will step down and serve as chairman of the e-commerce giant's board later this year, the company announced Tuesday.
The measure will take effect in the third quarter, according to Amazon's announcement.
Andy Jassy, CEO of Amazon Web Services, will take over from Bezos.
In a letter to employees, Bezos said he believes Amazon is "at its most inventive right now."
I hope you are as proud of our inventiveness as I am.
I think they should be.
"I find my work meaningful and fun," Bezos continued.
“I have the opportunity to work with teammates who are the smartest, the most talented and the most resourceful.
When times have been good, they have been humble.
When times have been tough, they have been strong and supportive, and we've made each other laugh.
It is a pleasure to work on this team, ”he added.
AmazonJeff Bezos