Jeff Bezos has officially stepped down as Amazon CEO, on the 27th anniversary of the founding of his company.

Bezos surprised the world when he announced in February 2020 that he would be stepping down from the company he founded and turned into an e-commerce and cloud behemoth. It’s believed he wants to spend more time on his Blue Origin company, one of the main competitors to Elon Musk’s SpaceX.

Monday, Bezos and Amazon made the move official. Andy Jassy, the head of AWS, succeeds him. Jassy’s promotion to the top job shows the importance of Amazon’s cloud business moving forward.

In the meantime, despite not being CEO, Bezos will remain a powerful voice in the company. He continues to be its biggest shareholder, with a stake that’s currently worth some $180 billion.