Jeff Bezos to step down as CEO on Amazon's foundation day.
Amazon founder Jeff Bezos has decided to step down as the CEO of the company on July 5. Amazon executive Andy Jassy will take over the CEO’s role on July 5, informed Bezos on Wednesday.
NEW YORK: Amazon founder Jeff Bezos has picked a date to step down as CEO. Bezos, who grew Amazon from an internet bookstore to an large and powerful online shopping organization, said on Wednesday that Amazon executive Andy Jassy will take over the CEO role on July 5, 2021, who currently holds the position of CEO of Amazon Web Services.
“We chose that date because it's 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.
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.