Amazon’s new CEO to take over for Bezos on July 5

Amazon’s new CEO, Andy Jassy, will take over the company’s top executive role on July 5 as Jeff Bezos transitions to an executive chairman role, Bezos said Wednesday.

Bloomberg reported that Bezos made the announcement during a call with investors. The Hill has reached out to Amazon for comment.

July 5 is the 27th anniversary of the company’s incorporation, according to Bloomberg, and Bezos said Wednesday that the date was “a sentimental one for me.”

“Andy is well known inside the company and has been at Amazon almost as long as I have,” Bezos said. “He is going to be an outstanding leader, and he has my full confidence.”

Jassy was announced as the company’s next CEO in February. He currently runs the company’s web services division.

Bezos is the world’s second-richest man, behind French fashion mogul Bernard Arnault. He and his ex-wife, MacKenzie Scott, divorced in 2019, a split that made her the third-wealthiest woman on the planet.

“Amazon is what it is because of invention,” Bezos said in February upon announcing his retirement as CEO.

“If you do it right, a few years after a surprising invention, the new thing has become normal. People yawn. That yawn is the greatest compliment an inventor can receive,” he added. “When you look at our financial results, what you’re actually seeing are the long-run cumulative results of invention. Right now I see Amazon at its most inventive ever, making it an optimal time for this transition.”