Amazon founder Jeff Bezos said Wednesday that he will hand over operational control to his successor on July 5, leaving as the e-commerce giant flexes its muscles in television and cloud.

Jeff Bezos to hand over Amazon CEO reins on July 5

Jeff Bezos' surprise move to step down as chief executive of Amazon.com Inc quashed Wall Street optimism about bumper quarterly results, but analysts were upbeat on the promotion of its cloud computing head to the top job.

Jeff Bezos' shock exit cools Amazon results boost

Amazon founder Jeff Bezos,57, announced that he would be stepping down from his role as chief executive officer(CEO) of the company later this year. Watch: Bezos said he will be handing over the role of the CEO to Andy Jassy, head of Amazon Web Services.

Amazon CEO Jeff Bezos to step down