Jeff Bezos to step down as CEO on Amazon's foundation day; Andy Jassy to replace him

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.

Explaining the reason behind choosing July 5 for stepping down Bezos said, “We chose that date because it’s sentimental for me.” He added that it was on July 5, 1994, that Amazon was incorporated.

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Bezos, who grew Amazon from an internet bookstore to an online shopping behemoth has a personal fortune of USD 167 billion and will become executive chair at Amazon and focus on new products and initiatives.

According to a report by PTI, Bezos also plans to focus on his other ventures, such as his rocket ship company, Blue Origin, and his newspaper, The Washington Post.

Amazon.com Inc., a Seattle based company had announced that Bezos was stepping down as CEO in February. However, no specific date was provided. Jassy, his replacement, currently runs the company’s cloud computing business.

The company on Wednesday acquired Hollywood studio MGM for USD 8.45 billion with the hopes of filling its video streaming service with more shows and movies to watch.

Bezos said, “MGM has a vast, deep catalogue of much-beloved intellectual property. With the talented people at MGM and the talented people at Amazon Studios, we can reimagine and develop that IP for the 21st century.”