David Clark, the executive responsible for transforming Amazon into a global delivery force, is leaving his role as chief executive of its consumer business after 23 years at the world's biggest e-commerce company.
The Seattle-based company, one of the most valuable in the world, made the announcement in a regulatory filing to the US Securities and Exchange Commission on Friday. Amazon said the resignation is effective from July 1, but did not elaborate.
Mr Clark, in an e-mail to his team he posted on his Twitter and LinkedIn accounts, said he had thought over leaving “for some time” and wanted to return to building, acknowledging that he was able to “hone those skills” while at Amazon.
“Success is rarely achieved alone and this was absolutely true for me at Amazon. The successes we enjoyed over the years were a direct result of Amazonians coming together from across the company to deliver the best experience possible to our customers,” wrote Mr Clark, who was responsible for building a delivery operation that rivalled FedEx and United Parcel Service.
“I have discussed my intent to transition out of Amazon with my family and others close to me, but I wanted to ensure the teams were set up for success.”
Mr Clark's departure is the latest in a number at Amazon, which had for years been under the stewardship of veteran leaders. Those who have left included vice presidents and even its founder, billionaire Jeff Bezos.
It is also the second high-profile exit by an executive at a major technology company this week. Sheryl Sandberg, the No 2 at Facebook owner Meta Platforms who helped grow the company into the world's largest social media platform, on Wednesday announced that she was stepping down after 14 years of service.
Andy Jassy, who replaced Mr Bezos as chief executive last year, is expected to appoint Mr Clark's replacement in the next few weeks.
Mr Clark said in his statement that he was confident of his timing to leave now.
“We have a great leadership team across the consumer business that is ready to take on more as the company evolves past the customer experience challenges we took on during the Covid-19 pandemic,” he said.
Mr Clark was instrumental in guiding Amazon during the Covid-19 pandemic, in which he implemented several changes — reportedly at around 150 — from social distancing to installing temperature scanners at Amazon warehouses.
He also had to deal with a number of challenges, including scrutiny of Amazon's safe working conditions and fending off the increase in the organising of labour unions. He was never shy in his defence of Amazon, at times even talking directly to critics.
More recently, Mr Clark had to deal with worker shortage and higher fuel prices, which led to Amazon's first fuel and inflation surcharge on merchants, who pay the company to fulfill their products in the US, among other measures to address rising inflation and costs.
Mr Clark said, however, that Amazon has a “solid multi-year plan to fight the inflationary challenges we are facing in 2022".
Michael Indresano, a former Amazon logistics vice president who was under Mr Clark, said Mr Clark came up with the idea of acquiring planes to give the company more control over shipping, promoted the use of robots and “took risks that others wouldn't consider”.
Mr Clark joined Amazon in May 1999, a day after graduating from business school. His role was an operations manager in Kentucky then he quickly ascended the ranks, eventually running all of Amazon's retail, logistics and other consumer-facing businesses.
Reuters contributed to this report
Global state-owned investor ranking by size
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China
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UAE
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Japan
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Norway
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Canada
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Singapore
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COMPANY PROFILE
Company name: Blah
Started: 2018
Founder: Aliyah Al Abbar and Hend Al Marri
Based: Dubai
Industry: Technology and talent management
Initial investment: Dh20,000
Investors: Self-funded
Total customers: 40
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
MEFCC information
Tickets range from Dh110 for an advance single-day pass to Dh300 for a weekend pass at the door. VIP tickets have sold out. Visit www.mefcc.com to purchase tickets in advance.
Springsteen: Deliver Me from Nowhere
Director: Scott Cooper
Starring: Jeremy Allen White, Odessa Young, Jeremy Strong
Rating: 4/5
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
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