The founder of Amazon.com, Jeff Bezos, will step down as CEO of the company Monday, handing over the role to Andy Jassy, a 24-year veteran at Amazon.
Jassy built and ran Amazon Web Services (AWS), Amazon's cloud-computing business. The move happens on the 27th anniversary of the company's founding.
As Barrons reports, Bezos will still hold huge power at the company as he remains the company's largest shareholder, and executive chairman.
Daniel Elman, a global technology analyst at market research firm Nucleus Research told CNN, "He'll likely still stay involved, though no longer focusing on the day-to-day and instead able to focus on company-wide initiatives and new products and services."
Earlier in June, Bezos announced that he was headed to Space this month, along with his brother Mark. Bezos is now set to focus on other initiatives and ventures like his space company, Blue Origin, according to reports.
"I want to go on this flight because it's the thing I've wanted to do all my life. It's an adventure, it's a big deal for me," Bezos said in a video released by his company.
"I invited my brother to come on this first flight because we're closest friends."
Bezos' brother Mark said, "what a remarkable opportunity not only to have this adventure, but to be able to do it with my best friend.
Forbes estimates that Bezos' fortune had at one point shot up to $196 billion since 1998, when he first appeared on their list of richest Americans.
Bezos is worth about $202 billion today according to Forbes.
This is a developing story and will continue to be updated.