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Today, the business tycoon and the founder of Amazon, Jeff Bezos has finally selected a date to retire from his post as the CEO. Bezos announced that the present Amazon executive, Andy Jassy will take over the post as the new CEO of the company on July 5.

Addressing an Amazon shareholder meeting, Bezos mentioned that he had selected the particular date (July 5) as it is sentimental for him. He stated that exactly on that date 27 years back, 1994, Amazon was incorporated. Previously, Amazon was an internet bookstore that grew into an online shopping behemoth over the years.

Earlier in February, the Seattle-based Amazon.com Inc. had announced that Bezos was stepping down as CEO, and no particular date was mentioned. Jassy, his replacement, currently runs the company’s cloud-computing business.

Bezos, 57, with a worth of $167 billion will be the executive chair at Amazon and focus on new products and initiatives. He also plans to focus on his other ventures, such as his rocket ship company, Blue Origin, and his newspaper.

Apart from this, Amazon also announced to purchase the storied Hollywood studio MGM for $8.45 billion. “With this deal, we hope of filling the video streaming service with more shows and movies to watch,” an official added.

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