Amazon‘s billionaire founder, Jeff Bezos, is stepping down as chief executive officer of the e-commerce giant after nearly 30 years at the company.

Bezos will become executive chairman of Amazon’s board, turning the helm over to Andy Jassy. Jassy joined Amazon way back in 1997 and has led Amazon Web Services (AWS), the e-commerce giant’s cloud computing division, since its inception.

“In the Exec Chair role, I intend to focus my energies and attention on new products and early initiatives,” Bezos said in a letter to Amazon staff on Tuesday.

“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,” quipped Bezos.

The news came alongside an earnings report in which the e-commerce company reported its first $100 billion quarter.

Net sales increased 44% to $125.6 billion in the fourth quarter, compared with $87.4 billion in fourth quarter 2019 while net income increased to $7.2 billion in the fourth quarter compared with net income of $3.3 billion in fourth quarter 2019.