Jeff Bezos, the successful entrepreneur who turned an online bookstore into one of the world’s most powerful companies in the world, announced his plans to step down from his position after being Amazon’s CEO for the past twenty-seven years.

On Tuesday, an email to Amazon employees was sent to inform them about the details of Bezos’ step down. Jeff Bezos said that the transition will commence in Q3, at which point he’ll become the executive chair of the board. The email also stated that Andrew Jassy, the current CEO of the cloud platform, Amazon Web Services, will succeed as the next Amazon CEO.

In his new role, Jeff Bezos stated that he’ll be focusing his energies and attention on new products and early initiatives for the company. Bezos believes that prior Amazon successes like Prime, Amazon Go, and Alexa, are no longer a new thing; they’ve become normal. People yawn. Jeff Bezos believes that that yawn is the greatest compliment an inventor could ever receive.

Bezos also played a big role in contributing to social issues. Some of them include- Amazon’s $15 minimum wage and its Climate Pledge. Jeff states that in both cases, the company staked out leadership positions and then asked others to join the company in their mission. He also said that the company’s focus on the $15 minimum wage and Climate Pledge is working well.

Sources confirm that Bezos seems to be excited about this new transition, and he’ll still continue to tap dance into the office. He stated that when he has a big responsibility, it’s hard for him to give his attention to anything else. As Amazon’s Exec Chair, Bezos hopes to stay engaged in important Amazon initiatives while also having the time and energy he needs to focus on the Day 1 Fund, the Bezos Earth Fund, Blue Origin, The Washington Post, and other passions.

Bezos confirmed that he’s definitely not retiring and that Amazon has things in the pipeline that will continue to astonish everyone. In the meantime, he said that the company he founded, will be in good hands. Bezos believes that Andy; the new CEO, will be an outstanding leader.