Andy Jassy has spent the past 15 years converting Amazon from an e-commerce giant into a highly profitable technology company, creating and then dominating the cloud infrastructure market. Now, he’s about to become CEO of the third-most valuable U.S. company after Apple and Microsoft. Amazon has announced that Jassy will succeed Jeff Bezos at the helm in the third quarter, becoming only the second CEO in the company’s 27-year history. Bezos will become executive chairman.

Jassy, 53, is a member of Bezos’ elite group of executives called the S-team. Jassy has been CEO of AWS (Amazon Web Services). As of mid-2020, Amazon controlled 33% of the global cloud infrastructure services market, followed by Microsoft at 18% and Google at 9%, according to Synergy Research. Amazon said that AWS revenue in the fourth quarter jumped 28% to $12.7 billion. Operating income increased 37% to $3.56 billion, accounting for 52% of Amazon’s total operating profit.