Amazon CEO Jeff Bezos Announces He Will Step Down.
During Amazon's annual shareholder meeting on Wednesday, the company's founder, Jeff Bezos, announced that he will officially step down from his role as chief executive on July 5.
Bezos, who will stay on as Amazon's executive chair, said that the timing is sentimental, as Amazon was incorporated on July 5, 1994.
However, the news comes just days after the District of Columbia filed an antitrust lawsuit against Amazon, alleging that the massive company has abused its market dominance in e-commerce to harm competition.
Amazon has also faced criticism for its treatment of workers, highlighted by a landmark union drive at one of its warehouses in April, which failed in the face of pushback from the company.
The drive ultimately failed in the face of pushback from the company.