Amazon founder Jeff Bezos announced on Wednesday that he will officially step down from his role as chief executive on July 5, CNN reports.

Amazon announced in February that Bezos will be stepping down as CEO during the third quarter of this year and would transition to executive chair of Amazon’s board. The company had not previously shared the precise date of the transition.

Bezos will hand the reins to Andy Jassy, who currently runs Amazon Web Services. Jassy grew up in a Jewish family in suburban Scarsdale, New York.

Bezos said on Wednesday that the timing of the date on which he will be stepping down is "sentimental". July 5 is the date Amazon was incorporated in 1994.

"I'm very excited to move into the [executive] chair role, where I'll focus my energies and attention on new products and early initiatives," Bezos said Wednesday, according to CNN.

Bezos added he expects that Jassy — who has been at the company for 24 years and risen through its ranks to run its most profitable division — will be "an outstanding leader."