Amazon founder Jeff Bezos will step down from his role as CEO later this year. He will takie a position as executive chairman after close to 30 years in charge.

Amazon Web Services chief Andy Jassy to replace Bezos in a switch scheduled for Q3, marking one of the biggest shake-ups in the main company’s history. In a notice to Amazon employees, Bezos said he will stay engaged in important Amazon initiatives following the transition, which he explained would leave him with the time and energy to focus on other products and initiatives, including the Day 1 fund for non-profit organisations, climate action initiative Bezos Earth Fund and space company Blue Origin.

“ Amazon is what it is because of invention. We do crazy things together and then make them normal. Amazon couldn’t be better positioned for the future. We are firing on all cylinders, just as the world needs us to”, Bezos said, adding the company was at the “most inventive phase in its history, making it an optimal time for this transition”. He backed Jassy to be an oustanding leader. Bezos founded Amazon in 1994 and served as CEO for almost 27 years.

The company unveiled the news in its Q4 2020 earnings statement. It had net income of $7.2 billion, up 118% year-on-year, and revenue of $125.6 billion, 44% higher. For the full year 2020, Amazon had net income of $21.3 billion, or $14.09 per diluted share, 54% higher compared with the previous year. Net sales increased 38% to $386.1 billion.