Jeff Bezos will step down as Amazon CEO on July 5th

Jeff Bezos will step down as Amazon CEO in just a few weeks. He said at the company’s annual shareholder meeting on Wednesday that his final day in the role will be July 5th, according to Variety. Bezos will then become executive chairman. Amazon Web Services (AWS) CEO Andy Jassy will take over the top job.

“We chose that date because it’s a sentimental one for me. It’s the date that Amazon was incorporated in 1994, exactly 27 years ago,” Bezos said. “I’m very excited to move into the exec chair role where I will focus my energies and attention on new products and early initiatives.”

Amazon’s founder announced his plan to step down as CEO earlier this year. At the time, the company said the transition to Jassy would take place sometime in Q3.

Jassy helped found the AWS business in 2003. Since 2016, he’s been CEO of a division that he turned into a juggernaut. In the first three months of 2021, AWS generated $13.5 billion. That’s 12 percent of Amazon’s total revenue for the quarter.

The date of the CEO transition comes on the same day Amazon announced a deal to buy MGM for $8.45 billion. The idea behind the deal is a straightforward one, Bezos told shareholders. “MGM has a vast, deep catalog of much-loved intellectual property,” he said. “With the talented people at MGM and Amazon Studios, we can reimagine and develop that IP for the 21st century.”

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Source: Engadget

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