Jeff Bezos to officially step down as Amazon CEO on July 5

Jeff Bezos will officially step down as Amazon chief executive on July 5, exactly 27 years since he incorporated what is now the world’s largest ecommerce retailer.

During his final shareholder meeting as chief executive on Wednesday, Bezos, the world’s richest man, announced his official departure date.

“We chose that date because it’s sentimental for me, the day Amazon was incorporated in 1994, exactly 27 years ago,” he said.

Bezos will make way for the current head of Amazon Web Services (AWS) Andy Jassy to take the reins, but will continue to act as executive chair.

“Andy is well known inside the company, and has been at Amazon almost as long as I have,” he added.

“Andy will never let the universe make us typical.”

READ MORE: Who is Amazon’s new CEO Andy Jassy?

Bezos assured investors that despite his absence Amazon will continue to innovate aggressively, piling its considerable resources into autonomous delivery and its high-speed broadband initiative.

He also sought to address looming government scrutiny and possible regulation of Amazon, following news that Amazon has become the first company to be sued by a US government agency over antitrust concerns.

“We face intense competition from well-established companies everywhere we do business, in every industry,” he said.

“We recognize that with success comes scrutiny and we welcome it. Our goals are in line with our competition, low prices, wide selection, convenience, and ever-improving innovation.”

Anti-trust cases, which are gathering pace across the globe, are just some of the number of challenges Jassy will inherit when he takes over.

These include growing calls from shareholders to improve diversity practices following a similarly damning lawsuit launched earlier this month.

Jassy will also be faced with integrating film studio MGM into its expansive empire, after purchasing it for nearly $9 billion this week.

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