Amazon founder Jeff Bezos will officially step down from his role as chief executive on July 5, coinciding with the 27th founding anniversary of the company that made him one of the richest persons in the world.
JEFF Bezos, the founder of e-commerce giant Amazon, will be handing over the CEO position to his successor, Andy Jassy, on July 5.
Jassy is currently the head of Amazon Web Services, the cloud computing unit of the company. He has been in the company almost as long as Bezos has.
Bezos, on the other hand, will instead take the role of executive chair.
In an announcement to an annual shareholder meeting last May 26, Bezos said he timed his stepping down to coincide with the founding date of Amazon, on July 5, 1994.
"I'm very excited to move into the [executive] chair role, where I'll focus my energies and attention on new products and early initiatives," he explained, adding that he has confidence that Jassy will become "an exceptional leader."
“He has the highest of high standards and I guarantee Andy will never let the universe make us typical. He has the energy needed to keep alive in us what has made us special,” he said.
As executive chair, Bezos plans on focusing his attention on coming up with new products and early initiatives, he said. He will also be working more on the Bezos Earth Fund and Blue Origin.
Amazon has been one of the many corporations that had thrived over the pandemic as the demand for online commerce increased. Currently, it competes with giants Google and Microsoft in the market for cloud computing.
Just recently, Amazon announced that it had struck a deal to buy the storied MGM studios for $8.5 billion, as part of plans to take part in the entertainment and streaming media industry. (EFO)
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