Jeff Bezos announced the date of his departure as CEO of Amazon

May
27, 2021

4 min read

Last February, Jeff Bezos confirmed his resignation as CEO of Amazon , but waited until now to set a date for his final departure. Today, the founder of the e-commerce giant revealed when he will step down to leave the job to his successor , Andy Jassy .

Yesterday, March 26, after it was announced that Amazon bought MGM Studios , Bezos confirmed that Jassy will take over as CEO of Amazon on July 5 .

“We chose that date because it has sentimental value to me ,” the 57-year-old tycoon said during a meeting with Amazon shareholders on Wednesday, since it was on that date, but 1994, when he founded Amazon Inc. in Seattle.

“This journey started about 27 years ago. Amazon was just an idea and had no name. The most frequent question I was asked at the time was: ‘What is the Internet?’ Fortunately, I haven’t had to explain that in a long time . ” Jeff Bezos recounted when announcing his resignation almost 4 months ago via email.

“If you do it right, a few years after an amazing invention the new becomes normal. People yawn. That yawn is the highest compliment an inventor can receive. When you look at our financial results, what you are really seeing is the accumulated results. long-term of that invention. Right now, I see Amazon at its most inventive moment, so it is an optimal moment for this transition, “ added the billionaire in the same letter.

Andy Jassy / Image: Amazon

Andy Jassy , replacing Jeff Bezos, currently runs Amazon Web Services , the company’s cloud service.

What will Jeff Bezos do now?

With an estimated fortune of $ 188 billion according to the Forbes Billionaires Index, Jeff Bezos has nothing to worry about.

The entrepreneur will become Amazon’s CEO and plans to focus on his other companies.

“As CEO, I will continue to participate in important Amazon initiatives, but I will also have the time and energy I need to focus on the Day 1 Fund , Bezos Earth Fund , Blue Origin , The Washington Post, and my other passions. I have never had more. It’s not about retiring. I’m very passionate about the impact I think these organizations can have, “ said Bezos, announcing that he would be stepping down as CEO of Amazon.

Also yesterday, before confirming the date of the transition, it was reported that Amazon acquired the historic film company Metro-Goldwyn-Mayer (MGM Studios) for $ 8.45 billion .

MGM’s catalog has more than 4,000 films and 17,000 television series, which will enrich the offer of the Amazon Prime Video streaming service. In addition, the infrastructure of the studios will drive the productions of Amazon Studios , until now mainly focused on content for television.

The question is, will Amazon manage to hold without Jeff Bezos at the helm? Only time will tell.