Jeff Bezos has announced that he is formally stepping down from the role of chief executive at Amazon on 7 July.
"We chose that date because it's sentimental for me, the day Amazon was incorporated in 1994, exactly 27 years ago," said Bezos at a shareholder meeting on Wednesday.
The role will be taken over by Andy Jassy, who currently heads up Amazon Web Services (AWS)
Jassy, 53, joined Amazon in 1997 and has lead AWS since it was created in 2003.
AWS is most the profitable division of Amazon, generating $12.67 billion in sales and an operating income of $3.6 billion in its latest quarter.
Amazon provided no indication of who will taking on the AWS leadership following Jassy's promotion.
Bezos, who founded the company, will become executive chairman of Amazon’s board.
Amazon, which has been valued at more than $1 trillion, first announced that Bezos would be leaving his role in February.
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Supplying demand: how fashion retailers can meet the needs of customers and still be sustainable
The fashion industry is no stranger to breaking the mould and setting trends, but the pursuit of style can come at a huge cost to the environment.
New legislation, such as the European Union's Ecodesign for Sustainable Products Regulation, will set mandatory minimums for the inclusion of recycled fibres in textiles, making them longer-lasting and easier to repair.
New legislation, such as the European Union's Ecodesign for Sustainable Products Regulation, will set mandatory minimums for the inclusion of recycled fibres in textiles, making them longer-lasting and easier to repair.
The Very Group
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