Amazon founder, CEO, and wealth-hoarding dragon, Jeff Bezos, just announced that he will be transitioning from his role as chief executive of Amazon into the role of executive chair.

Jeff Bezos has been with the company since its inception in 1995 and has watched it transform from a small online book seller into a company worth over $1 trillion.

Andy Jassy, who currently oversees Amazon Web Services, will take over Jeff Bezos’ role later in 2021. Jassy has been with the company since 1997.

In a letter sent to Amazon employees on Tuesday, Jeff Bezos explained that he’s looking forward to the transition.

“Being the CEO of Amazon is a deep responsibility, and it’s consuming,” Bezos wrote. “When you have a responsibility like that, it’s hard to put attention on anything else. 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.”

The news comes at the end of an unprecedentedly successful year for Amazon, in large part thanks to the pandemic, that saw the company’s stock grow nearly 69% in 2020.

Jeff Bezos is currently one of the richest people in the world, with a net worth of approximately $184.6 billion.