Bezos will step down as Amazon CEO on July 5
Amazon Founder Jeff Bezos has picked a date to step down as CEO. Bezos, who grew Amazon from an internet bookstore to an online shopping behemoth, said on Wednesday that Amazon Executive Andy Jassy will take over the CEO role on July 5. "We chose that date because it's sentimental for me," Bezos said during an Amazon shareholder meeting on Wednesday.
Amazon was incorporated on same date in 1994
He explained that it was exactly 27 years ago on that date in 1994 that Amazon was incorporated. Seattle-based Amazon.com Inc. 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. Bezos, 57 and with a personal fortune of $167 billion, won't be going far.
Bezos will serve as the Executive Chair at Amazon
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.
Jassy is going to be an exceptional leader: Bezos
Bezos assured investors that Jassy is well known in the company, having been at Amazon almost as long as Bezos. "He is going to be an exceptional leader, and he has all my confidence," Bezos said of Jassy. The executive transition comes with Amazon having attained tremendous power in online commerce as well as cloud computing, where it competes with Google and Microsoft.
Amazon is buying MGM studios for $8.45 billion
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. The move comes with Amazon experiencing surging growth in online retail and cloud computing while making a push into entertainment as more consumers turn to streaming media.