Inc announced on Wednesday that its founder Jeff Bezos has decided to step down as chief executive officer (CEO) of the e-commerce company. He will act as an executive chairman after the third quarter of the ongoing financial year. For the first time, Amazon has recorded third consecutive record profit thanks to a quarterly sales of above $100 billion.

Amazon’s current cloud computing chief Andy Jassy will be the next chief executive officer.

Having estimated a net sales of $119.7 billion, Amazon went on to record $125.56 billion net sales during the recent holiday shopping period.

Bezos established Amazon as an internet bookseller 27 years ago. The company shared a note written by Bezos to his employees.

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

“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. I’ve never had more energy, and this isn’t about retiring. I’m super passionate about the impact I think these organizations can have,” he added.

Google CEO Sundar Pichai took to Twitter to wish Bezos for his future saying: “Congrats @JeffBezos, best wishes for Day 1 and Earth fund”.