• by Karlene Lukovitz  @KLmarketdaily, May 27, 2021

Jeff Bezos announced his formal step-down date and made a few comments about Amazon’s MGM acquisition, and the company’s future directions, during his last shareholder meeting as CEO, held on Wednesday.

Bezos will transition to executive chairman after turning over the CEO reins to cloud-computing chief Andy Jassy, his previously named successor, on July 5 — the date that he officially launched Amazon 27 years ago.

Jassy, he said, has “the highest of high standards” and will “never let the universe make us typical,” Bezos said.

Jassy will be overseeing risky new projects including Amazon’s satellite internet network and telehealth service, and has the “energy” to ensure that the company continues its dedication to innovation, Bezos said.

“The only way to get above-average returns is to take risks, and many won’t pay off,” he said. “Our whole history as a company is about taking risks, many of which have failed and many of which will fail, but we’ll continue to take big risks.”

Asked about this week’s announcement of its intention to acquire MGM for $8.45 billion, Bezos said: “MGM has a vast, deep catalog of much-beloved intellectual property, and with the talented people at MGM and Amazon studios, we can reimagine and develop that IP for the 21st century. It’s going to be a lot of fun and people who love stories are going to be the big beneficiaries.”

Asked whether Amazon — which is now the subject of an antitrust suit by Washington D.C.’s attorney general, as well as a variety of other antitrust probes — has become too large and powerful, the founder/outgoing CEO reiterated his contention that Amazon has significant competition in all of its business sectors, including retail and cloud computing.