A major change is on the way to Amazon’s board of directors, as Jeff Bezos is set to officially step down as Amazon’s CEO later this year. In 2020, Bezos made history as the first person ever to amass a net worth of over $200 billion, and in July, his net worth reportedly increased by $13 billion in a matter of 24 hours.

While he’s no longer the world’s richest person, he’s likely celebrating nonetheless, as he’ll have much more time on his hands once he relinquishes the role of CEO to serve as the Executive Chair of the Amazon Board. His successor will be Andrew R. Jassy, the current CEO of Amazon Web Services, and the transition will take place during Q3. 

Following a wildly successful year for Amazon and Bezos, many may find the move to be shocking, but according to CNBC, pundits have been expecting that Jassy would soon be transitioned into the position. The soon-to-be CEO has been a part of the Amazon team since 1997, and he has led the company’s Webs Services cloud team since its inception.

Jeff Bezos, owner of Blue Origin, speaks about outer space
Mark Wilson/Getty Images

“As much as I still tap dance into the office, I’m excited about this transition,” Bezos said in an internal announcement. “I’ve never had more energy, and this isn’t about retiring. Keep inventing, and don’t despair when at first the idea looks crazy. Remember to wander. Let curiosity be your compass. It remains Day 1.”

As the Executive Chair of the Amazon Board, Bezos will focus on other matters in addition to Amazon initiatives, such as the Bezos Earth Fund, his Blue Origin spaceship company, The Washington Post, and the Amazon Day 1 Fund.