Amazon founder Jeff Bezos has chosen a date to step down as CEO. Bezos, who grew Amazon from an internet bookstore to an online shopping behemoth, said Wednesday that Amazon executive Andy Jassy will take over the CEO role on July 5.

"We chose that date because it's sentimental for me," said, Jeff Bezos during an Amazon shareholder gathering recently. He clarified that it was precisely 27 years ago on that date in 1994 that Amazon was incorporated.

Seattle-based Amazon.com Inc. announced that Jeff Bezos was stepping down as CEO in February, but didn't offer a specific date. Andy Jassy, his proxy, presently runs the company's cloud-computing business.

Jeff Bezos, 57, and with a personal destiny of 167 billion, won't be going far. He will become executive chair at Amazon and focus on new products and initiatives. He also strategy to center on his other ventures, such as his soar ship company, Blue Origin, and his newspaper.

Recently, Amazon also announced it would buy storied Hollywood studio MGM for 8.45 billion with the hopes of filling its video streaming service with more shows and movies to watch.