Jeff Bezos, CEO of Amazon, announced that he is stepping down but will hold the executive chair post. Andy Jassy, CEO, Amazon Web Services (AWC) will take the post this summer.

Bezos founded Amazon, now one of the world’s largest online retailer, in 1994 after quitting his job and settling in Seattle, Washington. Today, Amazon reported a third consecutive record profit and quarterly sales above $100 billion for the first time, according to the Reuters news report.

Amazon was initially known for books but the expansion saw a slew of products from household items to office supplies to almost about anything on the website.

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Bezos is the second-richest person in the world after Elon Musk overtakes him in the top spot this year, according to a CNBC report. The Amazon chief, who is currently worth about $184 billion, held the No. 1 spot since 2017.

“As Exec Chair I will stay engaged in important Amazon initiatives but also 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.” Blue Origin is Bezos’ space company, and the Post is his private newspaper holding.

Andy Jassy, a Harvard Business School graduate, joined the company in1997. He AWS has consistently led the cloud services market. As of November 2020, Jassy’s estimated net worth is $377 million.