Amazon founder Jeff Bezos is set to step down as chief executive of the consistently successful e-commerce company that he began about 30 years ago in his garage.
Bezos will become executive chairman and he will be replaced by Andy Jassy, who is currently the leader of Amazon's cloud computing business.
The company said that the change will take place in the second half of 2021.
According to Bezos, the move would allow him to focus on his other ventures.
"Being the CEO of Amazon is a deep responsibility, and it's consuming. When you have a responsibility like that, it's hard to put attention on anything else," the business mogul said on Tuesday in a letter to Amazon staff.
"As Exec Chair I will stay engaged in important Amazon initiatives but also have the time and energy I need to focus on the Day 1 Fund, the Bezos Earth Fund, Blue Origin, The Washington Post, and my other passions," Bezos added.
He said that the move is not about retiring as he has more energy and he is very passionate about the impact the organizations he has ventured into can have.
Amazon began in 1994 as an online bookshop and its growth over the years has been remarkable.
The company now employs 1.3 million people globally as it deals with everything from package delivery and streaming video to cloud services and advertising.
According to the Forbes' list of billionaires, Bezos, who has spearheaded the company's success to its explosive growth, has amassed a fortune of $196.2bn.
Despite the pandemic in 2020, the firm reported $386bn (£283bn) in sales, up 38% from 2019. Profits almost doubled, rising to $21.3bn.
Mr Bezos said he would continue to focus on new products and early initiatives.
"When you look at our financial results, what you're actually seeing are the long-run cumulative results of invention. Right now I see Amazon at its most inventive ever, making it an optimal time for this transition," he said.
"Jeff is not leaving, he is getting a new job... The board is super active and important in Amazon's success story," Amazon chief financial officer Brian Olsavsky said in a call with analysts to discuss the firm's financial results.
Bezos' replacement, Andy Jassy is a Harvard graduate who has been with Amazon since 1997. He helped develop Amazon Web Services, which has been the company's major profit generator for a long time.
"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," Bezos said.
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