Jeff Bezos, the man who founded Amazon, is expected to officially step down as CEO of Amazon on July 5. Bezos announced his exit during the company's recent annual shareholder meeting that took place on Wednesday, May 26.

Jeff Bezos to Leave Amazon CEO Position

The next big question is who will be taking Jeff Bezos' place? A certain Andy Jassy, who is currently running the Amazon Web Services, is taking the place of Bezos. According to CNN, this was reportedly after about a three-decade run leading the internet giant that had suddenly made him one of the richest persons in the world. Bezos will then become Amazon's executive chair.

The company initially announced the leadership change as part of its earnings report in February while saying Jassy would be taking over during the third fiscal quarter. Amazon has yet to share the precise date of the upcoming transition. Bezos, however, noted that the timing is "sentimental" since July 5 is the date that Amazon was officially incorporated in 1994.

Bezos to Focus on Other Ventures

Bezos announces his excitement to move to his new executive chair role, where he will reportedly be focusing his attention and energies on new products as well as early initiatives. He also said he was looking forward to working on outside the company ventures like Bezos Earth Fund and Blue Origin.

Bezos expects Andy Jassy, who has already worked with the company for 24 years and has risen through its ranks to finally run the most profitable division, will reportedly be an "outstanding leader." Bezos also notes that he has high standards and the energy needed to keep alive what made Amazon special.

Andy Jassy Amazon CEO

Andy Jassy will be leaving the top post at AWS to Tableau CEO Adam Selipsky according to the company's statement back in March. Jassy is expected to take over an increasingly scrutinized and complex business, as evidenced by news of Amazon's acquisition of MGM for $8.45 billion and other issues raised during the shareholder meeting.

MGM is reportedly a significant acquisition for the massive e-commerce giant since it already contains about 4,000 films and around 17,000 hours of TV. This acquisition will most likely help improve the Amazon Prime Video service as it competes with Netflix, Disney Plus, and other online streaming services.

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Amazon Buys MGM

According to The Verge, MGM is most popular for its James Bond and Rocky franchise, but it does include other TV shows like The Voice, Shark Tank, and series like Vikings and The Handmaid's Tale. Senior vice president of Prime Video and Amazon Studios Mike Hopkins notes that the real financial value is that they plan to reimagine and develop alongside the talented MGM team.

The acquisition of Metro-Goldwyn Mayer or MGM was initially reported on May 24. Amazon is Buying MGM from a number of private equity firms, including Highland Capital Management, Anchorage Capital Group, and Solus Alternative Asset anagement. MGM was on the market for sale starting last December, according to  The Wallstreet Journal.

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Written by Urian B.

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