Amazon CEO Jeff Bezos said he will step down from his position during the third quarter of the year, transitioning to executive chairman while current cloud computing head Andy Jassy steps into the chief executive role.

The decision comes almost 27 years after Bezos founded Amazon in Bellevue, Washington, as an online book retailer during the nascent years of e-commerce. The company has since grown into a multinational behemoth known for disrupting industries via technological advantage and scale. The world’s largest internet company, Amazon is one of the biggest US companies by market capitalization ($1.7T) and is the country’s second-largest private employer.

The journey also made Bezos the country’s richest person—currently edging out Elon Musk—with a net worth exceeding $180B. In an email to employees, Bezos said he would focus on his Day 1 Fund, the Bezos Earth Fund, Blue Origin, and The Washington Post.

Read about the company’s mid-2000s rise fueled by a bet on Amazon Prime, and watch this 1997 interview with Bezos about one year after launching the company