Amazon founder Jeff Bezos announced that he would officially step down from his role as chief executive on July 5, during the company’s annual shareholder meeting last Wednesday. After July 5, he will become executive chairman and focus on new projects and initiatives. “We chose that date because it’s sentimental for me, the day Amazon was incorporated in 1994, exactly 27 years ago,” said Bezos.
He will focus on new initiatives
Bezos has led Amazon since its start as an online bookshop in 1994. He built the company into one of the biggest companies in the world. In February, Bezos announced that he’s stepping down with a letter to Amazon employees, saying,
“Being the CEO of Amazon is a deep responsibility, and it’s consuming. When you have a responsibility like that, it’s hard to put attention on anything else. 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.”
Andy Jassy was named Amazon’s next CEO in February. Now, Jassy runs the Amazon Web Services cloud computing division. He has been with Amazon since 1997 and helped develop Amazon Web Services, which has long been seen as the company’s profit engine.