Amazon founder Jeff Bezos has picked a date to step down as CEO. Bezos, who grew Amazon from an internet bookstore to an online shopping behemoth, said Wednesday that Amazon executive Andy Jassy will take over the CEO role on July 5.

We chose that date because its sentimental for me,” Bezos said during an Amazon shareholder meeting Wednesday. He explained that it was exactly 27 years ago on that date in 1994 that Amazon was incorporated.

Seattle-based Amazon.com Inc. announced that Bezos was stepping down as CEO in February, but didn’t provide a specific date. Jassy, his replacement, currently runs the company’s cloud-computing business.

Bezos, 57 and with a personal fortune of $167 billion, won’t be going far. He will become executive chair at Amazon and focus on new products and initiatives.