Jeff Bezos, the richest man on earth and the Chief Executive Officer of Amazon will step down and pass over the baton to Andy Jassy on July 5. Bezos announced the date at Amazon's annual shareholder meeting that was being held virtually.

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"We chose that date because it's sentimental for me, the day Amazon was incorporated in 1994, exactly 27 years ago," Bezos said in the meeting.

The e-commerce giant had announced that Bezos would be stepping down from the top post in February after serving the company for 30 years.

Bezos would be taking the role of the executive chairman on the Amazon board as he begins to focus his other projects as well. These include Bezos Earth Fund, his Blue Origin spaceship company, The Washington Post and the Amazon Day 1 Fund.

Bezos will be replaced by the head of the Amazon Web Services Andy Jassy, who has been working closely with Bezos for over two decades.

Jassy has been responsible for one of the most important sectors of Amazon's business as AWS provides cloud computing and storage for governments and companies including McDonald’s and Netflix. It is one of the company’s fastest-growing and most important businesses.

According to The Guardian, this branch of the company accounted for 10 percent of sales in the last quarter and 52 percent of the company’s profits.