Jeff Bezos will retreat as Amazon CEO on 5 July

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 last day in role would be July 5, according to varieties. Bezos will then become an amazon executive chairman. The Amazon Web Services (AWS) CEO Andy Jassy will take over the work.

“We chose the date because this was sentimental to me. This amazon date was included in 1994, exactly 27 years ago,” Bezos said. “I am very happy to move to the executive seat role where I will focus my energy and attention to new products and initial initiatives.”

The Amazon founder announced his plan to resign as CEO earlier this year. At that time, the company said the transition to Jassy would take place at several points in Q3.

Jassy was part of the AWS founding team in 2003. Since 2016, he has become the Division CEO he helped to switch to Juggernaut. In the first three months of 2021, AWS made $ 13.5 billion. It was 12 percent of Amazon’s total revenue for the quarter.

While Amazon continues to enjoy the amazing financial success, Jassy will take a helmet during a rather shaky time for the company. Amazon faces antitrust supervision from regulators in Europe and the US. This week, Washington, Attorney General DC Karl Racine sued the company to be suspected “misused illegally and maintained the power of monopoly by controlling prices in the online retail market and violating DC’s law.”

News about the date of transition came on the same day Amazon announced an agreement to buy MGM of $ 8.45 billion. The idea behind acquisition is quite easy. “MGM has a very deep catalog of intellectual property that is very loved,” Bezos said. “With talented people in MGM and Amazon Studios, we can rearrange and develop the IP for the 21st century.”