Amazon Co. founder Jeff Bezos will step down as CEO in 2021 to take over as executive chairman of the board, CNBC reported.

“I’m excited to announce that this Q3 I’ll transition to Executive Chair of the Amazon Board and Andy Jassy will become CEO,” Bezos said in a letter to employees. “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.”

According to Forbes, Bezos is currently the richest man in the world with $ 196.2 billion. Bezos has also founded the private aerospace company Blue Origin - he also owns one of the oldest US newspapers, The Washington Post.