The Amazon executive in charge of the company's worldwide consumer business is resigning after 23 years with the company.
At the same time, Amazon's stock has slumped 28% this year amid investor concerns about headwinds for the retailer, including inflation and tempered demand for online shopping as the pandemic eases. Clark joined Amazon in 1999, just a day after graduating from an MBA program, Jassy said.
Clark assumed the role in January 2021, helping oversee a mass expansion of Amazon's logistics footprint as the company struggled to match its physical capacity to the large amount of orders from homebound consumers during the pandemic. Amazon doubled the size of its operations and nearly doubled its workforce in the past two years. But as the worst of the pandemic eased, it has found itself with too many workers and too much space.
To deal with the problem, the company is reportedly planning to sublease at least 10 million square feet of space and could end more of its leases in states including New York, New Jersey and California. In April, it reported its first quarterly loss since 2015, fueled by the e-commerce slowdown and a massive write-down of its investment in the electric-vehicle startupJassy said Amazon has more work ahead to get to where it wants to be in its consumer business.
"While change is never easy, I'm optimistic about the plan that the Consumer team has built and have confidence that if we stay focused on executing it, we'll deliver the right experiences for customers and results for the business," he said.
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