Jeff Bezos to step down as Amazon CEO
Jeff Bezos_ the founder of Global e-commerce giant Amazon_ will officially step down from his role as chief executive on July 5_ he announced during the company's annual shareholder meeting Wednesday.
Bezos will be succeeded by Andy Jassy_ who currently runs Amazon Web Services_ after a nearly three-decade run leading the internet giant that made him one of the richest people in the world. Bezos will become Amazon's executive chair.
The company first announced the leadership change as part of its February earnings report_ saying Jassy would take over during the fiscal third quarter. Amazon (AMZN) had not previously shared the precise date of the transition.
The timing is "sentimental_" Bezos said July 5 is the date Amazon was incorporated in 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_" Bezos said Wednesday. In February_ he said he was looking forward to having more time to work on his ventures outside the company_ such as the Bezos Earth Fund and Blue Origin.
Bezos said he expects that Jassy who has been at the company for 24 years and risen through its ranks to run its most profitable division will be "an outstanding leader."
"He has the highest of high standards and I guarantee 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."
When Jassy leaves the top post at AWS to run Amazon_ he will be replaced by Tableau CEO Adam Selipsky_ the company said in March.
Jassy will take over an increasingly complex and scrutinized business_ as evidenced both by news early Wednesday that Amazon is buying MGM for $8.45 billion and by some of the issues raised at the shareholder meeting shortly after.
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