Amazon founder and current CEO Jeff Bezos will be transitioning to executive chair of the company later this year, with current AWS CEO Andy Jassy taking over the top executive role at the commerce company.

Amazon announced the news alongside its earnings results on Tuesday.

Bezos has been Amazon’s CEO since its founding in 1995. He oversaw its growth from an online bookseller into a $1.7 trillion global retail and logistics behemoth, which has also made Bezos into one of the world’s richest people.

Andy Jassy has worked for Amazon since 1997 and currently serves as CEO of the company’s cloud business, Amazon Web Services, its biggest profit driver.

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