Jeff Bezos is set to officially step down from his role as CEO of Amazon on Monday.
The e-commerce giant announced in February that Bezos, 57, would transition to the role of Executive Chair in the third quarter of 2021.
Andy Jassy is taking on the role of Chief Executive Chairman. The 53-year-old has been at Amazon for nearly 25 years and led the company’s web services before taking on this new leadership role.
Bezos stepping down as CEO on July 5 coincides with the anniversary of the date Amazon was incorporated in 1994.
Bezos has become one of the richest people in the world through his work at the internet company.
As Executive Chair of Amazon, Bezos says he will focus his energy and attention on new products and early initiatives.
Soon, Bezos will also be flying to space on the first crewed flight on a rocket ship made by his space company, Blue Origin. That flight is scheduled for July 20.