- Amazon.com, Inc (NASDAQ:AMZN) Worldwide Consumer CEO David H. Clark has resigned from the company after 23 years, effective July 1, marking its continued management restructuring.
- Clark oversaw multiple vital units, including online stores, physical stores, the marketplace of third-party sellers, and the Amazon Prime subscription business, all of which generated over 75% of Amazon’s revenue in the March quarter, CNBC reports.
- CEO Andy Jassy reiterated Amazon’s focus on improving its consumer business, looking to trim costs and improve profitability in its retail business.
- Also Read: Walmart Targets Faster Deliveries Via 4 Fulfillment Centers, Intensifies Rivalry With Amazon
- The departure coincided with Amazon employees’ union efforts, safety conditions scrutiny, and pay and productivity tracking, Reuters reports.
- Clark also contended with a crisis of workers willing to fill warehouse jobs and higher gas prices, leading to its first-ever fuel and inflation surcharge on merchants. Clark aggressively defended Amazon on every occasion.
- Jassy acknowledged that Amazon was amid a succession plan for Clark, with an update likely by the next few weeks.
- Jassy mentioned the challenges and unpredictabilities faced in the past few years and his appreciation of Clark’s leadership.
- Clark tweeted about his “incredible time at Amazon” and “it’s time for me to build again.” Clark considered, “it is time for me to say goodbye to start a new journey.”
- Amazon share prices are trading lower today as it gears up for its stock split.
B of A Securities Initiates Coverage On Marriott Vacations with Neutral Rating, Announces Price Target of $180
B of A Securities analyst Shaun Kelley initiates coverage on Marriott Vacations (NYSE:VAC) with a Neutral rating and announces Price Target of $180.
