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AWS CEO Adam Selipsky to Step Down June 3, Matt Garman Named Successor; Amazon Stock Dips

May 14, 2024, 01:43 PM

Adam Selipsky, the CEO of Amazon Web Services (AWS), is stepping down from his role. According to an internal email from Amazon CEO Andy Jassy, Selipsky made the decision to spend more time with his family. Under Selipsky's leadership, AWS focused on helping customers become more efficient in their spending, even at the cost of short-term revenue. AWS reached $100B annualized revenue during his tenure. Matt Garman, a 17-year Amazon veteran and current AWS sales chief, will replace Selipsky as CEO effective June 3. Garman has been a key figure in AWS, having reorganized a 60,000-person organization earlier this year. The announcement, first reported by The Verge, has led to a dip in Amazon's stock price.