THE founder and CEO of Amazon, Jeff Bezos, will be stepping down on July 5.
THE founder and CEO of Amazon, Jeff Bezos, will be stepping down on July 5. The tech giant made the announcement on Wednesday, June 2, at the annual shareholder meeting. Andy Jassy, an Amazon executive who also runs the company’s cloud business, will be taking the chief executive title, as reported by The Wrap.
Bezos said: “We chose that date because it’s sentimental for me — the day Amazon was incorporated in 1994, exactly 27 years ago.”
Bezos announced in February that he would be stepping down as CEO, however, the official date had not been announced until Wednesday this week. It is expected that Bezos, who is worth $189 billion, will still be heavily involved in the company as he takes on his new role as executive chairman of Amazon.
Jassy has been with Amazon since 1997 and led the launch of their web services, the cloud, in 2003. Bezos said of Jassy on Wednesday: “He has the highest of high standards and I guarantee that Andy will never let the universe make us typical,”
“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.”
The announcement came as the company said it was going to buy MGM for $8.45 billion. The deal is the second-largest in the company’s history, after its $13.7 billion acquisition of Whole Foods in 2017.
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