Amazon founder Jeff Bezos to step down as CEO in July

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Andy Jassy, the Amazon executive will take over the CEO role

Andy Jassy, the Amazon executive will take over the CEO role on 5 July 2021

Jeff Bezos, the founder of Amazon, who grew the company from an internet bookstore to an online shopping behemoth, has picked a date to step down as CEO. Bezos said on Wednesday that Andy Jassy, the Amazon executive will take over the CEO role on 5 July 2021.

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

The Seattle-based firm 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.

With a personal fortune of $167 billion, Bezos, 57, won’t be going far and 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, the company 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.

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