Bezos will transition into the role of Executive Chair of Amazon's Board.

On Tuesday afternoon, Amazon announced that its CEO, Jeff Bezos, would be stepping down. However, Bezos won't be leaving the company completely. Instead, he'll be transitioning into a new position, Executive Chair of the Board.

The planned transition is set for the third quarter of this year, with Andy Jassy, the current head of Amazon Web Services (AWS), stepping into the CEO role.

In a statement, Bezos said, “Amazon is what it is because of invention. If you do it right, a few years after a surprising invention, the new thing has become normal. People yawn. That yawn is the greatest compliment an inventor can receive. When you look at our financial results, what you’re actually seeing are the long-run cumulative results of invention. Right now I see Amazon at its most inventive ever, making it an optimal time for this transition."

*This is an ongoing story and will be updated as more information is known.