Bezos to hand over Amazon CEO reins on July 5

Bezos announced his departure date at an annual shareholders meeting, saying it has ‘sentimental’ value to him because it will be the 27th anniversary of Amazon officially becoming a corporation. — AP

SAN FRANCISCO: Amazon founder Jeff Bezos said on May 26 that he will hand over operational control to his successor on July 5, leaving as the e-commerce giant flexes its muscles in television and cloud.

Bezos is ceding his chief executive role to Andy Jassy, who heads Amazon Web Services, the lucrative cloud computing unit at the Seattle-based company. Bezos will take the role of executive chair.