Home » News » Business » Amazon Founder Jeff Bezos to Formally Step Down as CEO on July 5
1-MIN READ

Amazon Founder Jeff Bezos to Formally Step Down as CEO on July 5

Amazon CEO Jeff Bezos | (Photo: AFP)

Amazon CEO Jeff Bezos | (Photo: AFP)

Jeff 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

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 companys cloud-computing business.

RELATED NEWS

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. He also plans to focus on his other ventures, such as his rocket ship company, Blue Origin, and his newspaper, The Washington Post.

On Wednesday, Amazon also announced it would buy storied Hollywood studio MGM for $8.45 billion with the hopes of filling its video streaming service with more shows and movies to watch.

Read all the Latest News, Breaking News and Coronavirus News here

first published:May 27, 2021, 11:25 IST