Jeff Bezos to step down as Amazon CEO July 5

(CREDIT: lev radin /

It’s been a busy day for Amazon. Following on the heels of Amazon’s acquisition of MGM Studios, founder Jeff Bezos will step down as CEO on July 5. Andy Jassy, a longtime Amazon executive, will replace Bezos when it comes to running the tech giant.

According to TheWrap, July 5 is not a random date. Bezos said Wednesday, “We chose that date because it’s sentimental for me — the day Amazon was incorporated in 1994, exactly 27 years ago.”

In February, Bezos announced he would resign late in the year, but no official transition date had been set.  The $189 billion man is still expected to still be heavily involved with the tech giant, though, as he moves into his new role as executive chairman of Amazon.

“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.”

Jeff Bezos

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Bezos took a moment to praise Jassy during Wednesday’s shareholder meeting:

“He has the highest of high standards and I guarantee that Andy will never let the universe make us typical,” Bezos said. “He has the energy needed to keep alive in us what has made us special. While it won’t be easy, I do predict Andy will also find it satisfying and oftentimes fun.”

Jassy, who has been with Amazon since 1997, launched the AWS cloud-computing division 18 years ago. It has now become Amazon’s most profitable segment.

The deal is the second-largest in the company’s history, behind its $13.7 billion acquisition of Whole Foods in 2017. One also has to wonder with the acquisition of MGM today, if Bezos will be more involved with creating films.