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Jeff Bezos

Jeff Bezos leaves Amazon on July 5

“We chose this date because of its emotional nature for me,” Bezos said on Wednesday. (Photo: John Luscher, Canadian Press)

Amazon founder Jeff Bezos has picked a date to step down as CEO of the online retailer.

Bezos, who turned his original online bookstore venture into an online shopping giant, said Wednesday that Andy Gacy, another Amazon CEO, will take over from July 5.

“We picked this date because of its emotional side for me,” Mr. Bezos explained Wednesday during a shareholder meeting at Amazon. In fact, on this exact date in 1994, that is, 27 years ago, Amazon was founded.

Seattle-based website Amazon said Bezos was stepping down as CEO in February, but failed to set a specific date. Mr. Gacy, his successor, currently heads the company’s cloud computing operations.

However, the 57-year-old Bezos, who has a personal fortune of $ 167 billion USD, will not achieve much success. He will become the CEO of Amazon and focus on new products and initiatives. He also plans to focus on his other businesses, such as his missile company Blue Origin and his newspaper, The Washington Post.

Amazon also announced on Wednesday that it will acquire popular Hollywood studio MGM for $ 8.45 billion in hopes of adding titles to its Amazon Prime video streaming platform.

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