Amazon has announced that chief executive and founder Jeff Bezos is step down from his position and become executive chairman of the business instead.

He will move to the role in the third quarter of 2021 and will be succeeded as chief executive by Andy Jassy, who is currently leader of Amazon Web Services.

In a statement, Bezos said: “Amazon is what it is because of invention. We do crazy things together and then make them normal. We pioneered customer reviews, 1-Click, personalized recommendations, Prime’s insanely-fast shipping, Just Walk Out shopping, the Climate Pledge, Kindle, Alexa, marketplace, infrastructure cloud computing, Career Choice, and much more.

“If you do it right, a few years after a surprising invention, the new thing has become normal. People yawn. That yawn is the greatest compliment an inventor can receive.”

At the same time, Amazon reported that its sales had risen by 38% to $386 billion in 2020. In addition, profits almost doubled to $21.3 billion.

Bezos added: “When you look at our financial results, what you’re actually seeing are the long-run cumulative results of invention. Right now I see Amazon at its most inventive ever, making it an optimal time for this transition.”