Jeff Bezos assures Amazon shareholders they're in good hands at final meeting as CEO before he cedes control to Andy Jassy who's been at the company since 1997 and is known to be friendly - with high expectations
- Amazon founder Jeff Bezos, 57, will hand over control to his successor on July 5
- Bezos will cede his CEO role to Andy Jassy, 53, who heads Amazon Web Services
- Bezos will take the role of executive chair and focus on other ventures, such as his rocket ship company, Blue Origin, and his newspaper, The Washington Post
- Bezos announced date saying it has 'sentimental' value to him because it will be the 27th anniversary of Amazon officially becoming a corporation
- The company's dominance in online commerce has also put it in the crosshairs of critics and regulators worried it may be abusing its power
- On Wednesday the company announced its intention to buy MGM for $8.45 billion, giving it a huge library of films and TV shows
Amazon founder Jeff Bezos has picked a date to step down as CEO and reassured investors about his successor Andy Jassy, who has been at Amazon almost as long as Bezos.
'He is going to be an exceptional leader, and he has all my confidence,' Bezos said Wednesday of Jassy, 53. 'I guarantee you, he won't let the universe make us normal.'
![Amazon founder Jeff Bezos, 57, will hand over control to his successor on July 5](https://i.dailymail.co.uk/1s/2021/05/27/15/43520025-9625539-image-a-19_1622125827469.jpg)
Amazon founder Jeff Bezos, 57, will hand over control to his successor on July 5
![Bezos will cede his CEO role to Andy Jassy, 53, pictured who heads Amazon Web Services](https://i.dailymail.co.uk/1s/2021/05/27/15/43520021-9625539-image-a-21_1622125838454.jpg)
Bezos will cede his CEO role to Andy Jassy, 53, pictured who heads Amazon Web Services
Bezos, who grew Amazon from an internet bookstore to an online shopping behemoth has said that Amazon executive Jassy will take over the CEO role on July 5.
'We chose that date because it's sentimental for me,' Bezos said, during an Amazon shareholder meeting. He explained that it was exactly 27 years ago on that date that Amazon was incorporated.
Bezos assured investors that Jassy, is well known in the company, having been at Amazon since 1997 - almost as long as Bezos.
Seattle-based Amazon.com Inc. announced that Bezos was stepping down as CEO in February, but didn't provide a specific date. Jassy, his replacement, currently runs the company's cloud-computing business.
Bezos, 57, and with a personal fortune of $167 billion, won't be going far.
He will become executive chair at Amazon and focus on new products and initiatives.
He also plans to work on other ventures, such as his rocket ship company, Blue Origin, and his newspaper, The Washington Post.
Amazon has attained dominance in online commerce as well as cloud computing, where it competes with Google and Microsoft.
![Bezos announced the transfer date of July 5 saying it has 'sentimental' value to him because it will be the 27th anniversary of Amazon officially becoming a corporation](https://i.dailymail.co.uk/1s/2021/05/27/15/43520043-9625539-image-a-22_1622125855930.jpg)
Bezos announced the transfer date of July 5 saying it has 'sentimental' value to him because it will be the 27th anniversary of Amazon officially becoming a corporation
It is been among the technology firms that have flourished as the pandemic accelerated a trend of using the internet for work, play and education.
On Wednesday, Amazon also announced it would buy storied Hollywood studio MGM for $8.45 billion with the hopes of filling its video streaming service with more shows and movies.
However the deal could increase scrutiny on Amazon, one of the Big Tech firms gaining unprecedented economic power in recent years and in the crosshairs of antitrust enforcers around the world.
Amazon stock has dipped 6% over last month from $3,455 a share to $3,257 during trading on Thursday.
During the last five days, the stock has seen a resurgence and is up about 0.5% while during the early part of Thursday's trading session, the stock was down 0.25%.
![Amazon stock has dipped 6% over last month from $3,455 a share to $3,257](https://i.dailymail.co.uk/1s/2021/05/27/15/43523023-9625539-image-a-25_1622126356720.jpg)
Amazon stock has dipped 6% over last month from $3,455 a share to $3,257
![In the last five days, the stock has seen a resurgence and is up about 0.5%](https://i.dailymail.co.uk/1s/2021/05/27/15/43523027-9625539-image-a-23_1622126348842.jpg)
In the last five days, the stock has seen a resurgence and is up about 0.5%
![During the early part of Thursday's trading session, the stock was down 0.25%](https://i.dailymail.co.uk/1s/2021/05/27/15/43523025-9625539-image-a-24_1622126352717.jpg)
During the early part of Thursday's trading session, the stock was down 0.25%
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