Amazon CEO Dave Clark resigns | Business and Economy News

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Clark became consumer chief amid a string of departures after Jeff Bezos handed over the CEO role to Andy Jassy in 2021.

By Bloomberg

Dave Clark, a veteran Amazon.com Inc. executive who oversaw the consumer business that includes online retail operations, is stepping down.

“To everyone I’ve had the honor to work with: Thank you for making it so fun to come to work every day for 23 years inventing cool, amazing things for clients,” Clark tweeted Friday.

Clark’s departure signals that CEO Andy Jassy is seeking changes in the company’s consumer division, which has been overstretched during the pandemic and has left Amazon struggling with excess warehouse space.

The company spooked investors in April after announcing a weak earnings outlook, and Amazon has since begun seeking to sublet millions of square feet of warehouse space, Bloomberg reported.

“The past few years have been some of the toughest and most unpredictable we’ve encountered in Amazon’s consumer business history, and I particularly appreciate Dave’s leadership during this time,” Jassy said in a statement. “As we shared last week at our annual shareholder meeting, we still have work ahead of us to get to where we ultimately want to be in our Consumer business.

“To that end, we try to be thoughtful in our plans for Dave’s succession and in any changes we make. I expect to be ready with an update for you over the next few weeks.

Clark grew up with Amazon, rising through the ranks to CEO: Worldwide Consumer, which put him in charge of the e-commerce business that is the company’s main source of revenue but has often struggled. to be profitable.

Clark was among the senior executives whose overall compensation was chosen by investment advisory firms who argued that his pay should be better tied to company performance. Clark, who took over Amazon’s retail and logistics business last year, was paid $56 million in 2021.

Clark became consumer chief amid a series of departures after Jeff Bezos handed over the CEO role to Jassy in 2021. Clark’s predecessor, Jeff Wilke, left Amazon last year.

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