Amazon.com Inc (NASDAQ: AMZN) is in focus today after Adam Selipsky – the chief executive of its cloud computing segment said he will step down next month.
Matt Garman named the new CEO of AWS
Selipsky will be succeeded by Matt Garman who currently is the senior vice president of sales and marketing at AWS.
Adam Selipsky quoted desire to spend more time with family as the reason for his departure. His memo to employees reads:
Now is an appropriate moment for me to make this transition, and spend more time with family, recharge a bit, and create some mental free space to reflect and consider the possibilities.
On Tuesday, Selipsky reiterated that the future was bright for Amazon Web Services as well. $AMZN is up well over 20% for the year at writing.
Watch here: https://www.youtube.com/embed/ESIpAYNgE-0?feature=oembed
Amazon Web Services grew 17% in Q1
Andy Jassy – the chief executive of Amazon.com Inc expressed confidence in an “unusually strong set of skills and experiences” of Matt Garman on Tuesday.
He thanked Adam Selipsky for “deftly” leading Amazon Web Services in his tenure as well in a separate memo today.
The news arrives shortly after Amazon reported a 17% annualised growth in its cloud-computing platform to $25 billion in Q1. Analysts, in comparison, had called for $24.5 billion (read more).
Also lsat month, UBS analyst Stephen Ju said $AMZN could climb to $215 per share by the end of 2024 which suggests a more than 15% upside from here.
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