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Amazon announced that CEO Jeff Bezos will be stepping down from his top role and transitioning to the role of executive chair of the company’s board.

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Bezos, who started the company nearly 30 years ago, will be replaced in the fall by Andy Jassy, who runs Amazon’s cloud business during the third quarter of 2021. From there, he will begin his duties as the company’s executive chairman. In a statement obtained by Variety, Bezos said:

“Amazon is what it is because of invention. We do crazy things together and then make them normal. We pioneered customer reviews, 1-Click, personalized recommendations, Prime’s insanely-fast shipping, Just Walk Out shopping, the Climate Pledge, Kindle, Alexa, marketplace, infrastructure cloud computing, Career Choice, and much more,” said Jeff Bezos, Amazon founder, and CEO. “If you do it right, a few years after a surprising invention, the new thing has become normal. People yawn. That yawn is the greatest compliment an inventor can receive. When you look at our financial results, what you’re actually seeing are the long-run cumulative results of invention. Right now I see Amazon at its most inventive ever, making it an optimal time for this transition.”

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