By Zachary Weiss
Amazon.Com, Inc (NASDAQ:AMZN) stock is trading lower amid reports of leadership change in its cloud unit Amazon Web Services (AWS). Matt Garman will succeed Amazon Web Services CEO Adam Selipsky, effective June 3, Bloomberg reports. Garman is the Amazon cloud unit's leading sales and marketing executive. Selipsky led AWS since 2021. The cloud unit accounts for most of Amazon's profit. In April, AWS initiated global job cuts involving several hundred positions in Sales, Marketing, Global Services
The Chinese tech giant beat analyst profit expectations as high-margin businesses surged.