Jeff Bezos, the founder of Amazon, is resigning from his position as CEO. Bezos will assume the role of Executive Chair of Amazon during the third quarter of the year, which starts on July 1. Andy Jassy, the head of Amazon Web Services, will take over as CEO. It is unclear how active Bezos will be in his new role, but Bezos said he wants more time to “focus on the Day 1 Fund, the Bezos Earth Fund, Blue Origin, The Washington Post, and my other passions” in a letter to Amazon employees. This move is not uncommon. For instance, both Larry Ellison and Bill Gates previously stepped down from their positions as CEO at Oracle and Microsoft, respectively. The transition from Bezos to Jassy as CEO had a slight effect on the price of the stock. Following the announcement, Amazon‘s share price increased by 1.5%. Despite Bezos’ new position, Amazon, which is valued at $1.7 trillion, will not be losing its momentum and status as one of the world’s most valuable companies anytime soon. On Tuesday, February 2, Amazon reported a year of record growth with a 30% increase in net sales from 2019. This can be credited to the COVID-19 pandemic. Amazon had $21 billion in income in 2020: approximately double 2019’s total. Amazon is one of the world’s most powerful and successful companies but it is extremely scrutinized because some people believe that Amazon uses its success and wealth to choke out competition. Nevertheless, as Bezos steps down from the CEO of the little bookstore delivery company he started in 1994, one can only marvel at the growth of the company under Bezos in amaz-ement.