Jeff Bezos, founder and chief executive officer (CEO) of online retail company Amazon, has confirmed that he will step down in July this year.

Jeff Bezos announced in February that he would step down as CEO soon, but did not announce a date.

Jeff Bezos will continue to be the company’s chairman or founder after becoming CEO; PC: AFP

Now announcing his resignation date, he hopes to take the company’s new CEO, Andy, to new heights.

Also read: Amazon owner announces resignation, who will be the new head?

According to Variety magazine, Jeff Bezos confirmed at a May 26 meeting of Amazon shareholders that he would step down as CEO on July 5.

He said July 5 is a very important day for him, because on that date, 27 years ago, in 1994, Amazon gained legal status.

At the meeting, Jeff Bezos briefed shareholders on the company’s future plans and hoped that new CEOs like Andy would take the company to new heights.

Although Jeff Bezos will step down as CEO, he will remain the company’s executive chairman or founder while also on the board of directors.

Experts believe that despite stepping down as CEO, Jeff Bezos will continue to be heavily involved in Amazon’s affairs.

Amazon was founded by Jeff Bezos in 1994 when he learned from an article that the Internet had expanded by 2,300 percent in one year.

Initially, the company began selling other items, including books, online, and in the first month, the company sold books to people in all 50 U.S. states and 45 different countries. After which, on May 15, 1997, its shares were made public.

Since then, the company’s business has grown, and Amazon is now the world’s largest online retailer, selling a wide range of products in dozens of countries around the world.

Amazon has also stepped into the world of computers, software, video production, movies and streaming websites, and has recently become the most profitable online company.

Amazon’s high earnings have made Jeff Bezos the richest man in the world for many years and his fortune is close to $200 billion.

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