In this June 6, 2019 file photo, Amazon CEO Jeff Bezos speaks at the the Amazon re:MARS convention, in Las Vegas. Bezos, who grew Amazon from an internet bookstore to an online shopping behemoth, said Wednesday, May 26, 2021, that Amazon executive Andy Jassy will take over the CEO role on July 5. (AP Photo/John Locher)
NEW YORK (AP) — Amazon founder Jeff Bezos has picked a date to step down as CEO.
Bezos, who grew Amazon from an internet bookstore to an online shopping behemoth, said Wednesday that Amazon executive Andy Jassy will take over the CEO role on July 5.
“We chose that date because it’s sentimental for me," Bezos said during an Amazon shareholder meeting Wednesday. He explained that it was exactly 27 years ago on that date in 1994 that Amazon was incorporated.
Seattle-based Amazon.com Inc. announced that Bezos was stepping down as CEO in February, but didn't provide a specific date. Jassy, his replacement, currently runs the company’s cloud-computing business.
Bezos, 57 and with a personal fortune of $167 billion, won't be going far. He will become 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, The Washington Post.
On Wednesday, Amazon also announced it would buy storied Hollywood studio MGM for $8.45 billion with the hopes of filling its video streaming service with more shows and movies to watch.
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Once again it appears that the death of brick and mortar retail appears to be exaggerated. First-quarter earnings are showing that many retailers that rely on in-person traffic for a considerable chunk of their business are seeing a rebound in sales. And many are planning to open stores in 2021.
This isn’t to say that e-commerce is going away. In fact, a common feature for many of these stocks is that they either developed or enhanced their digital footprint during the pandemic.
This special presentation focuses on retailers that are planning to add to their brick-and-mortar footprint in 2021. And some are planning to do so by a substantial margin. Once again, this doesn’t signal a transformative shift in the overall trend, but it does mean that for the foreseeable future, brick and mortar will have some relevance.
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