Jeff Bezos, a billionaire and founder of Amazon made an announcement pertaining his resignation. He said he will be stepping down late this year so that he can focus on the growth of his other businesses.

Bezo informed Amazon employees in a letter that Andy Jassy would be his replacement as the next head of the world’s largest ecommerce website.

“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 the letter.

Amazon initially started as an internet book-selling business 27 years back. It is now one of the most valuable companies globally. It is the first of its kind to record three consecutive profits after losses in prior decades. “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.

Amazon’s quarterly sales were reportedly recorded above $100 billion on Tuesday. This was the first time the company’s sales have peaked so high.

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