Jeff Bezos sets July 5 as date he’s stepping down from Amazon

Jeff Bezos has announced he will be stepping away from Amazon as its CEO on July 5. The date has a connection to the company.

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Bezos said Amazon was incorporated on July 5, 1994.

“We chose that date because it’s sentimental for me, the day Amazon was incorporated in 1994, exactly 27 years ago,” Bezos said, according to CNBC.

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The founder will become the company’s executive chair and will hand over the CEO position to Andy Jassy, the current head of Amazon Web Services. Jassy has been with the company for 24 years, CNN reported.

Amazon announced in February that Bezos would be stepping down but didn’t give an exact date, CNN reported.

He’s expected to focus on other initiatives including the Bezos Earth Fund, Blue Origin, The Washington Post and Amazon Day 1 Fund, CNBC reported.