Jeff Bezos will be stepping down as Amazon’s CEO on July 5, according to reporting by Variety.

Founded out of his home garage with his then-wife Mackenzie Scott, it would have been impossible to predict that what started out as a small online book retailer would grow into the massive, multi-billion dollar company it is today.

“We chose that date because it’s sentimental for me: the day Amazon was incorporated in 1994, exactly 27 years ago,” said Bezos of the date he selected to depart from his role as CEO, as reported by Variety.

Bezos made the announcement at Amazon’s annual shareholder meeting, which will be his last in his current role. However, he will remain involved in major decision-making within the company as the executive chairman. 

“I’m very excited to move into the exec chair role where I will focus my energies and attention on new products and early initiatives,” said Bezos.

Andy Jassy, the current CEO of Amazon Web Services (AWS), will take over Bezos’ position. Bezos has reaffirmed his confidence in Jassy, providing his full support for the new CEO.

“He has the highest of high standards and I guarantee that Andy will never let the universe make us typical,” he said. “He has the energy needed to keep alive in us what has made us special.”

Jassy has been with Amazon since 1997, almost since its inception. He has overseen various successful expansion projects, including the AWS cloud-computing division, which has now become Amazon’s most profitable segment. Even prior to the handoff, Jassy has already begun to make changes, including bringing back former senior executive Jeff Blackburn to oversee its media and entertainment division.