Jeff Bezos to step down as Amazon CEO on July 5

Amazon founder Jeff Bezos will officially step down as chief executive on July 5. This was announced at the company’s annual shareholders meeting on Wednesday.

Bezos will hand over the reins to Andy Jassy, who currently runs Amazon Web Services, after a nearly three-decade run at the helm of the internet giant that made him one of the richest people in the world. Bezos will become the executive chairman of Amazon.