Sport Investors League
  • Politics
  • Stocks
  • Investing
  • Business

Sport Investors League

  • Politics
  • Stocks
  • Investing
  • Business
Business

Amazon Web Services CEO Adam Selipsky to step down

by admin May 15, 2024
May 15, 2024
Amazon Web Services CEO Adam Selipsky to step down

Adam Selipsky, CEO of Amazon’s cloud computing business, will step down from his role next month, the company announced Tuesday.

Matt Garman, senior vice president of sales and marketing at Amazon Web Services, will succeed Selipsky after he exits the company on June 3, Amazon said.

In a memo to employees, Selipsky said he was leaving AWS after about 14 years to spend more time with his family, and said “the future is bright” for the juggernaut cloud business.

“Given the state of the business and the leadership team, now is an appropriate moment for me to make this transition, and to take the opportunity to spend more time with family for a while, recharge a bit, and create some mental free space to reflect and consider the possibilities,” Selipsky wrote.

Amazon CEO Andy Jassy wrote in a separate memo that Selipsky has “deftly led the business” and said Garman, an 18-year veteran of the company, has “an unusually strong set of skills and experiences for his new role.”

In 2021, after Amazon announced that Jassy would take the helm from Jeff Bezos as Amazon’s CEO, many people speculated that it was Garman who would replace Jassy as the head of AWS. Instead, Amazon tapped Selipsky, then the CEO of Salesforce-owned data visualization software maker Tableau, for the role.

During Selipsky’s three years as CEO, AWS has confronted numerous challenges with its business, including a marked deceleration in revenue growth as rising interest rates caused companies to trim their cloud spend. Since last year, AWS has undergone at least two rounds of layoffs as part of broader cuts at the company that resulted in more than 27,000 employees being let go. At the same time, it has had to respond to a surge in demand for generative artificial intelligence services, spurred largely by Microsoft-backed OpenAI.

AWS is still the cloud leader, and it remains one of Amazon’s most profitable business units. It generated $9.42 billion in operating income, or about 62% of Amazon’s total, in the most recent quarter.

Selipsky’s compensation for 2022 was $41.1 million, with $40.7 million generated in stock awards, according to a securities filing. He didn’t receive stock grants this year.

This post appeared first on NBC NEWS

0
FacebookTwitterGoogle +Pinterest
previous post
Red Lobster closing at least 99 locations as its future comes into question
next post
Dow slips for first losing day in nine as consumers’ expectations for inflation rise

Related Posts

Macy’s turnaround hinges on revamping some stores and...

March 7, 2025

S&P 500 climbs for best day since early...

July 24, 2024

Retail sales slumped 0.9% in January, down much...

February 15, 2025

First the token, now the swipe: NYC’s subway...

March 20, 2025

NTSB grills Boeing execs on safety culture and...

August 9, 2024

DirecTV is pushing its pay TV bundle —...

August 14, 2024

CNN says 47.9 million people watched the presidential...

June 30, 2024

FTC chair hopes Amazon, Facebook won’t get ‘sweetheart...

January 8, 2025

SEC issues summons for Gautam Adani, nephew on...

November 26, 2024

FDIC Chair Martin Gruenberg to resign after damning...

May 21, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent

    • Cities that canceled Columbus Day could lose federal funds under new GOP bill

      October 14, 2025
    • Dem gubernatorial nominee facing heat for taking donations from CCP-linked tycoon: ‘Disqualifying’

      October 14, 2025
    • Blinken claims Trump’s Gaza ceasefire deal drew from Biden-era framework

      October 14, 2025
    • Trump has freed more than 70 US hostages in less than a year; Biden released around 70 in four years

      October 14, 2025
    • Pakistan announces intention for second Nobel Peace Prize nomination for Trump over Gaza ceasefire role

      October 14, 2025

    Categories

    • Business (1,118)
    • Investing (3,246)
    • Politics (3,960)
    • Stocks (1,155)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: sportinvestorsleague.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 sportinvestorsleague.com | All Rights Reserved