Amazon founder Jeff Bezos to step down as CEO on July 5, cloud-computing head to take over

On July 5, Amazon founder Jeff Bezos will step down as CEO and become executive chairman.

The 57-year-old has named the head of the company's cloud computing division, Andy Jassy, as his successor.

Bezos said in early February that he would quit his role as the world's largest online retailer this summer.

"We chose that date because it's sentimental for me, the day Amazon was incorporated in 1994, exactly 27 years ago," said Bezos on Wednesday during Amazon's annual shareholder meeting, which was held via webcast.

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The business he began in a garage decades ago is now one of the world's most valuable companies, with a $1.65-trillion market capitalization.

According to Forbes, Bezos was briefly surpassed as the world's richest person by French fashion tycoon Bernard Arnault, owner of Louis Vuitton Moet Hennessy, on Monday, but the Amazon founder has now returned to the top spot with an estimated net worth of $189.2 billion.