Jeff Bezos to step down as Amazon CEO on July 5, Andy Jassy to take over

Amazon also announced it would buy storied Hollywood studio MGM for $8.45 billion

E commerce giant Amazon founder Jeff Bezos to step down as CEO. Bezos, 57, who grew Amazon from an internet bookstore to a popular e commerce across the globe has said on Wednesday that Amazon executive Andy Jassy will take over the CEO role on July 5. Jassy, currently runs the company's cloud-computing business.


Bezos during an Amazon shareholder meeting Wednesday has said “We chose that date because it's sentimental for me, as it was exactly 27 years ago on that date in 1994 that Amazon was incorporated.”


Bezos was stepping down as CEO in February, but didn't provide a specific date as informed by Seattle-based Amazon.com Inc.


Bezos and with a personal fortune of $167 billion will become executive chair at Amazon and focus on new products and initiatives. He also plans to focus on his other ventures, such as his rocket ship company, Blue Origin, and his newspaper, The Washington Post.


On Wednesday, Amazon also announced it would buy storied Hollywood studio MGM for $8.45 billion with the hopes of expand its video streaming service with more shows and movies to watch.

India Scanner News Network

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