Jeff Bezos has announced he will no longer be CEO of Amazon, but will transition into the position of executive chairman this summer, according to Reuters. He will be succeeded by Andy Jassy, the head of the cloud division Amazon Web Services.

“Being the CEO of Amazon is a deep responsibility, and it’s consuming,” Bezos said in an email, according to The Verge. “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.”

Bezos founded Amazon 27 years ago as an online bookstore until he grew it into one of the biggest technology companies in the world. It is also now one of the wealthiest companies globally. Amazon’s most recent quarterly earnings, which were reported on Tuesday, were more than $100 billion for the first time in the company’s history.

Jassy joined Amazon 24 years ago after graduating from Harvard Business School. He founded Amazon Web Services and has a reputation for understanding highly technical details.

Amazon has made Bezos one of the richest people in the world with a net worth of almost $180 billion. Amazon’s net sales went up to $125.6 billion during the pandemic and holiday shopping frenzy.