Amazon.com Inc. (NASDAQ: AMZN), Seattle, Washington, on Tuesday announced that CEO Jeff Bezos will transition to the role of executive chair in the third quarter of 2021 and Andy Jassy will become CEO at that time.

“Amazon is what it is because of invention,” Bezos said. “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. 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.”

Coinciding with the transition announcement, Amazon reported 2020 revenue increased 38% to $386.1 billion. Profit nearly doubled to $21.3 billion from $11.6 billion in 2019.

For the fourth quarter, Amazon reported revenue increased 44% to $125.6 billion. Profit more than doubled to $7.2 billion to $3.3 billion in the fourth quarter of 2019.