Amazon’s (NASDAQ:AMZN) Senior Vice President of the Devices and Services unit, Dave Limp, is stepping down from his role later in 2023. This marks another high-profile exit since CEO Andy Jassy assumed leadership in 2021. Last year, the CEO of Amazon’s Consumer unit, Dave Clark, left the company after 23 years of service.
Limp has served the company for about 14 years and currently holds responsibilities for overseeing Amazon’s Echo hardware line and its Alexa voice assistant business. He will continue in his position for the next few months, and the company will name his replacement in the coming weeks.
It is worth highlighting that the Devices unit has been facing challenges in achieving profitability. Additionally, this unit has been subjected to cost-cutting measures undertaken by Jassy, such as the elimination of nearly 27,000 jobs across the company over the past year.
In addition to the departures of Clark and Limp, several other senior executives have left Amazon since mid-2021. Among them are Jeff Blackburn, responsible for the company’s media and entertainment businesses, and Alicia Boler Davis, Senior Vice President of Global Customer Fulfillment. This rise in high-level exits is likely to raise concerns among investors about Amazon’s leadership stability.
Is Amazon a Buy, Hold, or Sell?
Turning to Wall Street, analysts have a Strong Buy consensus rating on AMZN stock based on 40 Buys and one Hold assigned in the past three months. In addition, the average price target of $174.13 per share implies 23.87% upside potential. Shares of the company have gained 63.8% so far in 2023.
As per TipRanks’ data, the most accurate and profitable analyst for AMZN is Loop Capital Markets analyst Rob Sanderson. Copying the analyst’s trades on this stock and holding each position for one year would have resulted in 89% of your transactions generating a profit, with an impressive average return of 28.91% per trade.