After 27 years, when Jeff Bezos founded Amazon, he is now stepping down as the company’s CEO. Nevertheless, he is still the leading billionaire among the world’s richest people, with a total net worth of $203 billion.

Back in February, in a memo to company employees, Jeff Bezos announced his decision that he would be stepping down as Amazon CEO in the third quarter of 2021. Following this decision, he will then hold the Executive Chair of the company’s Board of Directors.

Andy Jassy will replace Jeff Bezos, who is currently the Chief Executive of Amazon Web Services. Bezos has thrown weight behind the new incumbent CEO and shown full confidence in him.

“He will be an outstanding leader and he has my full confidence.” Jeff Bezos cited in his memo to employees.

Andy Jassy has now been listed as Amazon’s CEO on its investor relations website. Andy Jassy joined the company soon after he graduated from Harvard Business School in 1997. He has led AWS since the team was founded in 2003. In 2016, he became the division’s official CEO.

The reason why Jeff Bezos has stepped down from Amazon is his plan to give larger attention to his other ventures. The other projects include Bezos Earth Fund, The Washington Post, the Amazon Day 1 Fund, and his Blue Origin space company.

In the wake of his space exploration mission, Jeff Bezos also has announced plans to travel to space for Blue Origin’s first space tourism trip on July 20.