Amazon CEO Jeff Bezos announced Tuesday that he will step down from his position at the mega retailer and cloud-computing company during the third quarter of 2021.

Bezos will transition to the role of executive chairman, and the head of Amazon Web Services, Andy Jassy, will be promoted to fill Bezos' role as CEO.

"In the Exec Chair role, I intend to focus my energies and attention on new products and early initiatives," Bezos said in an email to employees. "Andy is well known inside the company and has been at Amazon almost as long as I have. He will be an outstanding leader, and he has my full confidence."

Bezos founded Amazon in 1994, transforming it from an online book retailer to its current sprawling business that encompasses every corner of retail, and has gone on to transform the company into a leader in cloud computing. Amazon Web Services now powers everything from video games to sports and at-home personal workout devices.

Bezos said that switching to his new role as Amazon's executive chairman will allow him to "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."

"I’ve never had more energy, and this isn’t about retiring. I’m super passionate about the impact I think these organizations can have," he said.

Amazon reported last week a record year of growth, and while Bezos' announcement appeared to have set investors quickly running for the exit, the company's stock quickly recovered in after-hours trading to near its daily high./aa