Amazon founder and CEO Jeff Bezos will step down at the end of the third fiscal quarter, the company announced Tuesday. Andy Jassy, the CEO of the company’s profitable online hosting business Amazon Web Services, will take the reins. Jassy has worked at Amazon since 1997. Bezos, the richest man in the world by virtue of Amazon, will become executive chair of the company’s board. “Right now I see Amazon at its most inventive ever, making it an optimal time for this transition,” Bezos wrote. “In the Exec Chair role, I intend to focus my energies and attention on new products and early initiatives.”