Jeff Bezos has set a date for his departure as CEO

Jeff Bezos, the founder of Amazon, has set a date for his departure as CEO.

Bezos, who built Amazon from a small online bookstore to a multibillion-dollar online retailer, announced on Wednesday that Amazon executive Andy Jassy will take over as CEO on July 5.

During an Amazon shareholder meeting on Wednesday, Bezos said, “We chose that date because it’s sentimental for me.” He went on to say that Amazon was founded exactly 27 years ago, on that date in 1994.

based in Seattle Inc announced that Bezos would step down as CEO in February, but no specific date was given. His replacement, Jassy, is now in charge of the company’s cloud computing division.

Bezos, who has a personal fortune of $167 billion and is 57 years old, is unlikely to travel far. He will take over as Amazon’s executive chair and focus on new products and initiatives. He also intends to concentrate on his other businesses, such as Blue Origin, his rocket ship company, and The Washington Post, his newspaper.

Amazon also announced on Wednesday that it would pay $8.45 billion for the storied Hollywood studio MGM, in the hopes of expanding its video streaming service with more shows and movies to watch.