Amazon CEO Jeff Bezos announced Tuesday that he will step down from his role at the company he founded 27 years ago. He will stay on as an executive chair after July 1.

Bezos said the transition from him to Andy Jassy will happen later this year.

Amazon is valued at $1.7 trillion as a leader for revenue among companies in the world. Outside of the news of Bezos stepping aside, the company reported a year of record growth on Tuesday, including a 38 percent increase in net sales from 2019, netting the company $21 billion in income, nearly double from the year before. Investors are on board with the changes as well. Amazon’s shares stayed steady up about 2 percent following both announcements.

“I will reiterate [Jeff Bezos] is not leaving,” Brian Olsavsky, chief financial officer of Amazon, told investors on Tuesday. “He’s going to be executive chairman, super important role, super active in the Amazon success story.”

Jassy, a longtime Amazon employee who joined Bezos in 1997, built the company’s cloud services business over the past decade. The e-commerce operation represents roughly 60 percent of operating profit for Amazon as a whole is a top cloud computing service in the industry.

Bezos divorced his former wife, MacKenzie Scott, in 2019. The philanthropist and author took a record amount from the split with and has given away more than $6 billion in the past year. She also received a 4 percent stake in Amazon in the divorce.