Jeff Bezos, one of the world’s richest men, founder, and CEO of Amazon will step down from his role as chief executive in 2021.

He said Andy Jassy, head of amazon web services will replace him as the new CEO for the company.

Amazon was founded in 1995, Bezos started the online service as a bookselling firm which later was turned into a $1.7 global business.

Bezos saw himself in the list of the world’s richest people, Andy Jassy worked for amazon since 1997 that drove the firm’s web services as one of the successful and profitable sections of the company.

In a letter to his employees, Jeff expressed his excitement for the transition, according to Bezos, this change will give him time to work on outside projects.

As a founder he will focus on new “products and early initiatives”, Bezos described in his letter.

“This journey began some 27 years ago. Amazon was only an idea, and it had no name,” Bezos a letter to employees Tuesday, saying “The question I was asked most frequently at that time was, ‘What’s the internet?’ … Today, we employ 1.3 million talented, dedicated people, serve hundreds of millions of customers and businesses, and are widely recognized as one of the most successful companies in the world.”

“Being the CEO of Amazon is a deep responsibility, and it’s consuming,” Bezos wrote. “When you have a responsibility like that, it’s hard to put attention on anything else. 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. I’ve never had more energy, and this isn’t about retiring. I’m super passionate about the impact I think these organizations can have.”

Bezos made his choice by indicating he has full confidence in Jassy to handle the company as the new CEO, he noted Jassy will be an “outstanding leader”

Amazon’s stock has grown by 69% over the past year.

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