Amazon announced on Tuesday that CEO Jeff Bezos “will transition to the role of Executive Chair in the third quarter of 2021 and Andy Jassy will become Chief Executive Officer at that time.”

“Amazon is what it is because of invention. We do crazy things together and then make them normal,” Bezos stated. “If you do it right, a few years after a surprising invention, the new thing has become normal. People yawn. That yawn is the greatest compliment an inventor can receive. 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.”

Bezos founded Amazon in 1994 as an online bookseller. Many Wall Street analysts were skeptical in the early years that the company could expand its business beyond books; at least one analyst predicted it was at risk of failing altogether.

The announcement came with the company’s release of fourth quarter results, claiming $7.2 billion in net income on revenue of $125.6 billion.