Jeff Bezos Announces the Date of His Departure as Amazon CEO
Grow Your Business, Not Your Inbox
Last February, Jeff Bezos confirmed his resignation as CEO of Amazon. Today, the founder of the ecommerce giant revealed when he will step down to make way for his successor, Andy Jassy.
Yesterday, May 26, after it was announced that Amazon bought MGM Studios, Bezos confirmed that Jassy will take over as CEO of Amazon on July 5.
"We chose that date because it has sentimental value to me," the 57-year-old tycoon said during a meeting with Amazon shareholders on Wednesday. It turns out that July 5, 1994, was when he founded Amazon Inc. in Seattle.
"This journey began some 27 years ago. Amazon was only an idea, and it had no name. The question I was asked most frequently at that time was, “What’s the internet?” Blessedly, I haven’t had to explain that in a long while," Bezos recounted when announcing his resignation almost 4 months ago in an email to employees.
"If you get it right, a few years after a surprising invention, the new thing has become normal. People yawn. And that yawn is the greatest compliment an inventor can receive," the billionaire added. "As much as I still tap dance into the office, I’m excited about this transition."
Andy Jassy / Image: Amazon
Andy Jassy, replacing Jeff Bezos, currently runs Amazon Web Services, the company's cloud service.
What will Jeff Bezos do now?
With an estimated fortune of $188 billion according to the Forbes Billionaires Index, Jeff Bezos has nothing to worry about. When Jassy takes over as CEO, Bezos will become an executive chair on Amazon's board and plans to focus on his other companies.
"As Exec Chair I will stay engaged in important Amazon initiatives but also have the time and energy I need to focus on the Day 1 Fund, the Bezos Earth Fund, Blue Origin, The Washington Post, and my other passions. I’ve never had more energy, and this isn’t about retiring. I’m super passionate about the impact I think these organizations can have," Bezos wrote in the email.