According to reports, billionaire entrepreneur and founder of Amazon, Jeff Bezos, will be moving out of his roll as Chief Executive Officer of the company. In a letter to the company's employees, Bezos explained that he would be moving into an Executive Chair position on the company's board.

You can check out the announcement from @CNBCnow below on Twitter.

The report from CNBC details that throughout a Q3 transition, Andy Jassy will become CEO of Amazon. Bezos will reportedly spend his time focusing on, "new products and early initiatives".

With Jassy having been with the company since just a few years after its founding, Bezos is confident in his replacement inside of the C-suite. The news came just after closing-bell in the stock market, which sent a quick spike of the Amazon stock. Jassy is coming into be the head of a very health business, as the stock price on the company has increased by roughly 480% over the past five years.

While recently Elon Musk took over Bezos as the richest person in the world, I don't foresee Mr. Bezos having any trouble keeping the bills paid as he moves away from his longtime role as CEO of Amazon.

10 Gift Ideas for Saints Fans from Amazon