Jeff Bezos in the upcoming weeks is going to step down as Amazon CEO. He confirmed this news at the company’s annual shareholder meeting that was held on Wednesday. In addition, he said that his final role as Amazon CEO will be on July 5th, 2021. According to Variety, Bezos is now going to be the executive chairman of Amazon, and Amazon Web Services CEO Andy Jassy is going to take over the top job.
Bezos said July 5th has been chosen as the date because it is a sentimental one for me. Exactly 27 years ago, this is the only when Amazon was incorporated in 1994. Additionally, he says, I’m very much excited to move on to the position of executive chairman where I will focus on my energies and attention on the new products and early initiatives.
Amazon’s founder announced this plan for stepping down the CEO earlier this year only. At that time, the company said the transition to Jassy would take place at some point. Jassy was part of Amazon Web Services in 2003 and from 2016, he has been the CEO of a division that he turned into a juggernaut. In the first three months, AWS generated around $13.5 billion that is 12% of Amazon’s total revenue.
As Amazon is enjoying financial success, Jassy will take the helm during the shaky time for the company. Amazon at present is facing antitrust scrutiny in the US and Europe from the regulators. This week only, DC Attorney General Karl Racine sued the company for illegally abusing and maintaining the monopoly power by controlling prices across the online retail market and for violation of the DC law.
Meanwhile, the news for transition date is coming on the same day when Amazon announced a deal to buy MGM for $8.45 billion.