Amazon founder Jeff Bezos has decided to step down as the CEO, while declaring that the new CEO from July 5 will be the Amazon executive Andy Jassy. Bezos is responsible for transforming the internet bookstore into an online shopping behemoth.

Bezos said that they chose the date because he shared an emotional connection with this very date. Exactly 27 years ago on that date in 1994 Amazon was incorporated. The company had announced Bezos’ retirement from the position of CEO in February, but didn’t provide any specific date. Jassy, the person who will replace him, is currently taking care of the company’s cloud-computing business.

Bezos, 57, plans to take over as the executive chair at Amazon. Under this new role, he will emphasize on new products and initiatives. He also plans to shift his focus on other matters such as his rocket ship company, Blue Origin, and his newspaper, The Washington Post.

Amazon had also recently declared that it will soon buy the renowned Hollywood studio MGM at $8.45 billion with the objective of adding more shows and movies to its video streaming service.