Amazon CEO Jeff Bezos to step down on July 5

Amazon founder Jeff Bezos says he will step down as CEO on July 5. The company had earlier announced he would quit.

Bezos made the announcement at Amazon's annual shareholder meeting on Wednesday.

He said the date is sentimental for him because it was exactly 27 years ago on that date in 1994 that Amazon was incorporated. Bezos will become executive chair.

He will be replaced by Andy Jassy, who heads Amazon's cloud-computing business. Bezos expressed his full trust in his successor.

Bezos grew Amazon into a tech giant offering online shopping, video streaming, and cloud-computing services.
Regulators are stepping up scrutiny of IT giants. Washington DC's top lawyer filed an antitrust lawsuit against Amazon on Tuesday.

The suit alleges the company has used its monopoly power to prevent third-party vendors from offering competitive prices.

Amazon has rejected the allegations.