Andy Jassy, ​​head of Amazon Web Services (AWS), will take on the position of Chief Executive Officer of Amazon in the third quarter, replacing company founder Jeff Bezos.

The company announced Tuesday afternoon that Jassy would replace Bezos, who will take on the role of chairman, although it has long been speculated that Jassy would take over the helm. Jassy, ​​who helped found AWS in 2003, became CEO of AWS, Amazon’s on-demand cloud computing subsidiary, in 2016.

“I am pleased to announce that I will move to the Executive Chair of the Amazon Board in this third quarter and Andy Jassy will be CEO,” said Bezos in a letter to employees, according to CNBC. “In the role of Exec Chair, I want to focus my energy and attention on new products and early initiatives. Andy has been known within the company and has been with Amazon for almost as long as I have. He will be an outstanding leader and he has every confidence.”

Andy Jassy to take over as CEO of Amazon in …

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