Jeff Bezos, the billionaire founder of Amazon has announced that he would be stepping down as CEO in the third quarter of the year to focus on his other businesses.

In a letter to Amazon employees, Bezos informed that Andy Jassy would replace him as the next head of the world’s largest ecommerce platform.

“I’m excited to announce that this Q3 I’ll transition to Executive Chair of the Amazon Board and Andy Jassy will become CEO. In the Exec Chair role, I intend to focus my energies and attention on new products and early initiatives. Andy is well known inside the company and has been at Amazon almost as long as I have. He will be an outstanding leader, and he has my full confidence,” said Bezos in a letter to his employees.

Starting of the business as an internet bookseller 27 years ago, Bezos Amazon is now one of the world’s most valuable companies and posted three consecutive record profits after losses in decades prior.

“Amazon couldn’t be better positioned for the future. We are firing on all cylinders, just as the world needs us to. We have things in the pipeline that will continue to astonish. We serve individuals and enterprises, and we’ve pioneered two complete industries and a whole new class of devices. We are leaders in areas as varied as machine learning and logistics, and if an Amazonian’s idea requires yet another new institutional skill, we’re flexible enough and patient enough to learn it,” said Bezos.

On Tuesday, Amazon reported quarterly sales above $100 billion for the first time.