Jeff Bezos will officially step down as CEO of Amazon and hand the reins over to Andy Jassy, the current head of Amazon Web Services, on 5 July, according to an announcement he made to shareholders last week.

The original announcement of Bezos's handover was made in February, and at the time, the company projected that the transition would be made in the third quarter of the year but did not name a specific date. However, 5 July has a special meaning to Bezos.

“We chose that date because it's sentimental for me, the day Amazon was incorporated in 1994, exactly 27 years ago,” he told shareholders.

Bezos will continue as Executive Chairman of Amazon, and has said he plans to focus on new products and initiatives. He had also mentioned in February that he hopes to spend more time working on his other ventures outside the company.

The transition to Jassy's leadership is expected to go smoothly. Bezos expressed full confidence in the transition, calling Jassy an outstanding leader. "He has the highest of high standards and I guarantee Andy will never let the universe make us typical," Bezos wrote in a letter to employees. "He has the energy needed to keep alive in us what has made us special."