Amazon's Jeff Bezos to step down as CEO on July 5

Amazon had announced the leadership transition in its February 2021 earnings report.

"I'm very excited to move into the [executive] chair role, where I'll focus my energies and attention on new products and early initiatives," Bezos, 57, said during an Amazon shareholder meeting Wednesday.

Jassy has been with Amazon for 24 years and had helped in the development of Amazon Web Services since its inception in 2006.

Bezos said Jassy will be "an outstanding leader". "He has the highest of high standards and I guarantee Andy will never let the universe make us typical," Bezos said. "He has the energy needed to keep alive in us what has made us special."

Bezos, whose personal fortune is a whopping $167 billion, plans to focus on his other ventures including his rocket ship company Blue Origin.

“Amazon is what it is because of invention. We do crazy things together and then make them normal. We pioneered customer reviews, 1-Click, personalised recommendations, Prime’s insanely-fast shipping, Just Walk Out shopping, the Climate Pledge, Kindle, Alexa, marketplace, infrastructure cloud computing, Career Choice, and much more,” Bezos had said earlier while announcing the decision along with Amazon's financial results for the fourth quarter ended December 31, 2020.

Fibre2Fashion News Desk (RKS)