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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