Jeff Bezos, founder of Amazon, announced that he will formally step down as CEO of the company on July 5, during the company’s annual shareholder meeting.
Bezos will hand matters over to Andy Gacy, who currently runs Amazon online services, and the company first announced a change of leadership as part of its February earnings report, saying that Gacy will take over during the third quarter of the fiscal year.
Bezos said the timing was “emotional,” noting that July 5 is the date Amazon was founded in 1994.
Bezos added, “I am very excited to move to another position, as I will focus my energies and attention on new products and early initiatives.”
Earlier in February, he said he was looking forward to having more time working on his projects outside the company, such as Bezos Earth Fund And the Blue Origin.
Bezos has stated that he expects Gacy – who has worked for the company for 24 years and rises in the ranks to run its most profitable division – a “outstanding leader”, saying,
“He has the highest standards and I guarantee Andy will not let the universe make us a model .. He has the energy to make us. Discerning. “
Gacy will take on increasingly complex and scrutinizing work, especially with the early announcements that Amazon is buying MGM For $ 8.45 billion and some issues raised at the shareholders’ meeting soon after.