Amazon founder Jeff Bezos, 57, will hand over control to his successor on July 5
Bezos will cede his CEO role to Andy Jassy, 53, who heads Amazon Web Services
Bezos will take the role of executive chair and focus on other ventures, such as his rocket ship company, Blue Origin, and his newspaper, The Washington Post
Bezos announced date saying it has sentimental value to him because it will be the 27th anniversary of Amazon officially becoming a corporation
The company s dominance in online commerce has also put it in the crosshairs of critics and regulators worried it may be abusing its power