Posted by Clare Duffy | CNN

Amazon founder Jeff Bezos will officially step down from his position as chief executive on July 5, he announced at the company’s annual general meeting on Wednesday.

Bezos will hand the reins to Andy Jassy, ​​who currently runs Amazon Web Services after running the internet giant that made him one of the richest people in the world for nearly three decades. Bezos becomes the CEO of Amazon.

The company first announced the change in leadership in its February earnings report, saying Jassy would take over the business in the third quarter of the fiscal year. Amazon had not previously disclosed the exact date of the transition.

The timing is “sentimental,” said Bezos – July 5th is the date Amazon was founded in 1994.

“I’m very excited to be moving into that [executive] Chair where I will focus my energy and attention on new products and early initiatives, ”said Bezos on Wednesday. In February he said he was looking forward to having more time to …

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