The Metaverse Money Pit: How Meta’s $70 Billion Bet Compares to Tech’s Biggest GamblesView Now

Amazon's Dave Clark. Photo by AP

Five People Who Could Replace Amazon Consumer Chief Dave Clark

Photo: Amazon's Dave Clark. Photo by AP

Help wanted: An executive to run Amazon’s sprawling retail and operations organizations at a moment when sales growth has plummeted and the company has dramatically overspent on warehouses and hiring. Readiness to be grilled by regulators in Washington, D.C. is a plus.

Those are the types of skills Amazon is likely to seek as it hunts for a replacement for Dave Clark, the company’s consumer chief and architect of its sprawling fulfillment empire, who announced on Friday that he will leave Amazon on July 1 after 23 years at the e-commerce giant. It was an unexpected resignation, coming less than two years after Clark became CEO of Amazon’s worldwide consumer business. In a sign of the suddenness of the move, Amazon’s CEO Andy Jassy, in a message to employees, didn’t name a successor to Clark.

That replacement is very likely to be a current Amazon executive or someone who has worked there in the past, rather than a stranger to its culture and increasingly complex business, former Amazon employees told The Information. Those people believe Jassy will pick a leader from its retail organization, such as Doug Herrington or Russell Grandinetti, or its operations group, such as John Felton or Alicia Boler Davis. But Jassy—who has previously helped recruit Amazon alumni to come back to top roles—could also turn to another “boomerang” candidate, such as Diego Piacentini, a former top executive in its consumer business.

Get access to exclusive coverage
Read deeply reported stories from the largest newsroom in tech.
Latest Articles
The Briefing apple enterprise
Why Cellular Carriers are Apple's Best Friend
Photo by Bloomberg.
This was not a day for Apple fans. Shares of the iPhone maker dipped just over 1% even as the rest of the market rallied, after Bloomberg reported that demand for the new line of iPhones was turning out to be weaker than expected. As a result, Apple won’t make as many devices as anticipated. This is supposedly the result of belt-tightening among consumers globally, at least partly. But as...
Latest Briefs
Chinese Video App Bilibili to Change Hong Kong Listing Status
Apple Removes Russia’s Largest Social Media App
TripActions Said to File Confidentially for IPO
Stay in the know
Receive a summary of the day's top tech news—distilled into one email.
Access on the go
View stories on our mobile app and tune into our weekly podcast.
Join live video Q&A’s
Deep-dive into topics like startups and autonomous vehicles with our top reporters and other executives.
Enjoy a clutter-free experience
Read without any banner ads.
Art by Clark Miller
The Big Read crypto
‘What Am I Going to Do Now?’: Fired Crypto Workers Weigh Life After the Boom
On July 14, James Hu was sitting in his “fabulously expensive” apartment in Williamsburg, Brooklyn.
Illustration by Matheus Costa.
apple crypto
How Apple’s App Store Policies Squeeze NFT Startups
Non-fungible tokens, like much of the crypto world, are in regulators’ and lawmakers’ crosshairs.
Patrick Collison. Photo by Getty Images.
Exclusive startups venture capital
Stripe’s Early Stock Awards Could Spur IPO Plans
Stripe founders John and Patrick Collison have indicated the payments software pioneer, valued in its last fundraising at $95 billion, is in no rush to go public.
Instacart CEO Fidji Simo. Photo by Bloomberg.
Exclusive startups
Instacart Cuts Staff, Curbs Hiring in Run-up to IPO
Instacart has been letting go of staff, slowing hiring and curbing other expenses as it heads toward a public listing, when the grocery-delivery company will try to convince public investors that it can maintain its growth—and make a profit—as the economy slows.
Ana Kirova courtesy of Feeld.
The 1:1 culture
‘Monogamy Should Not Be the Default’: What a Dating App CEO and Her Tech Clientele Have in Common
Ana Kirova is a frequent user of her own dating app—but not without complications. As CEO of Feeld, which describes itself as “a dating app for exploration, curiosity and pleasure,” Kirova never knows when to divulge her role at the company to potential matches.
google apple
The Metaverse Money Pit: How Meta’s $70 Billion Bet Compares to Tech’s Biggest Gambles
Is Meta Platforms’ $70 billion bet on the metaverse shaping up as the biggest money pit ever in tech?