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Amazon.com Inc founder and CEO Jeff Bezos announced that Andy Jassy, who currently manages the company’s cloud-computing business, will take over the CEO role on July 5.
Bezos said that July 5 was sentimental for him as it was Amazon's incorporation date in 1994.
Amazon.com Inc had announced that Bezos was stepping down as CEO in February, though no specific date was provided.
Bezos, 57, will become the executive chair at Amazon and focus on new products and initiatives.
He would also allocate time to his other ventures, such as his newspaper, The Washington Post, and his rocket ship company, Blue Origin.
The Seattle-based Amazon also announced it would acquire Hollywood studio MGM for $8.45 billion, eyeing to fill its video streaming service with more movies and shows.
