Amazon CEO Jeff Bezos will leave his post later this year, turning the helm over to the company’s top cloud executive, Andy Jassy, according to an announcement Tuesday. Bezos will transition to executive chairman of Amazon’s board.

Bezos, 57, founded Amazon in 1994 and has since morphed the one-time online bookstore into a mega-retailer with global reach in a slew of different categories from gadgets to groceries to streaming. Amazon surpassed a $1 trillion market cap under Bezos’ leadership in January of last year — it’s now worth more than $1.6 trillion.

As Amazon reported its latest set of blockbuster financial results, Mr. Bezos said he planned to hand over the reins this summer and transition into the role of executive chairman. Andy Jassy, 53, the chief executive of Amazon’s cloud computing division, will be promoted to run the entire company. The change will be effective in the third quarter, which starts in July.

“As much as I still tap dance into the office, I’m excited about this transition,” Mr. Bezos wrote in an email to Amazon’s employees. As executive chairman, he said, he intends “to focus my energies and attention on new products and early initiatives.”

The changing of the guard is set to ripple out beyond Amazon, which Mr. Bezos has personified for more than two decades. His impact on corporate America and his remaking of the way that goods are sold turned him into one of the world’s most influential technology and business leaders, as well known as the founders of Apple and Microsoft, Steve Jobs and Bill Gates. Mr. Bezos’ personal wealth also soared to $188 billion, which was surpassed only last month by Elon Musk.

In recent years, Mr. Bezos had stepped back from much of Amazon’s day-to-day business, delegating those responsibilities to two main deputies, including Mr. Jassy. He instead had focused on Amazon’s future and on personal projects. In 2013, he bought The Washington Post, and has said he spends more than $1 billion a year on Blue Origin, his space travel company.

Todd Horwitz Chief Strategist BubbaTrading.com
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