Homepage / Technology / Amazon loses another key executive as it becomes a top target for poaching tech talent
Amazon says this Prime Day was its biggest shopping event ever Kudlow says President Trump is 'so dissatisfied' with China trade talks that he is keeping the pressure on As stocks regain their footing, an ominous warning looms Goldman Sachs downgrades Clorox to sell, says valuation is 'unsustainably high' How Satya Nadella has spurred a tripling of Microsoft's stock price in just over four years Kudlow says economic growth could top 4% for 'a quarter or two,' more tax cuts could be coming The one chart that explains Netflix’s stunning comeback US housing starts plunge 12% in June to a nine-month low Aerospace titans Boeing and Airbus top $110 billion in orders at Farnborough Target uses Prime Day to its advantage, logging its 'biggest online shopping day' so far this year Billionaire Marc Lasry sees bitcoin reaching up to $40,000 as it becomes more mainstream and easier to trade These are the 10 US airports where you're most likely to be hacked Amazon shares slightly higher as investors await Prime Day results Wreck of Russian warship found, believed to hold gold worth $130 billion A bullish ‘phenomenon’ in bond market is weeks away from fading, top credit strategist says Stocks making the biggest moves premarket: MS, GOOGL, TXN, UAL, NFLX & more Twitter shares up 50% since late April means most upside priced in, analyst says in downgrade EU fines Google $5 billion over Android antitrust abuse Mortgage applications fall 2.5% as buyers struggle to find affordable homes America may not have the tools to counter the next financial crisis, warn Bernanke, Geithner and Paulson Investors are getting spooked as the risk of a no-deal Brexit rises EU expected to fine Google $5 billion over Android antitrust abuse Ex-FBI chief James Comey urges Americans to vote for Democrats in midterm elections Elon Musk apologizes to British cave diver following baseless 'pedo guy' claim Disney, Comcast and Fox: All you need to know about one of the biggest media battles ever Xiaomi shares notch new high after Hong Kong, mainland China stock exchanges reach agreement The trade war is complicating China's efforts to fix its economy European markets set for a strong open amid earnings; Google in focus Hedge fund billionaire Einhorn places sixth in major poker tournament The biggest spender of political ads on Facebook? President Trump Asian stocks poised to gain after Fed's Powell gives upbeat comments; dollar firmer Stocks are setting up to break to new highs Not all FAANG stocks are created equal EU ruling may be too little, too late to stop Google's mobile dominance Cramer explains how Netflix's stock managed to taper its drop after disappointing on earnings Airbnb condemns New York City's 'bellhop politics,' threatens legal retaliation Amazon sellers say they were unfairly suspended right before Prime Day, and now have two bad choices Investor explains why 'duller' tech stocks can have better returns than 'high-flying' tech names Elon Musk is 'thin-skinned and short-tempered,' says tech VC Texas Instruments CEO Brian Crutcher resigns for violating code of conduct Google Cloud Platform fixes issues that took down Spotify, Snapchat and other popular sites Uber exec: We want to become the 'one stop' transportation app 'What a dumb hearing,' says Democrat as Congress grills tech companies on conservative bias Amazon shares rebound, report says Prime Day sales jumped 89 percent in first 12 hours of the event How to put your medical history on your iPhone in less than 5 minutes Investment chief: Watch these two big events in 2018 Even with Netflix slowing, the market rally is likely not over Cramer: Netflix subscriber weakness debunks the 'sky's the limit' theory on the stock Netflix is looking at watch time as a new area of growth, but the competition is stiff Why Nobel laureate Richard Thaler follows Warren Buffett's advice to avoid bitcoin Rolls-Royce is developing tiny 'cockroach' robots to crawl in and fix airplane engines After Netflix plunge, Wall Street analysts forecast just tame returns ahead for the once high-flying FANG group Roku shares rise after analyst raises streaming video company's price target due to customer growth China is investing 9 times more into Europe than into North America, report reveals Amazon says US Prime Day sales 'so far bigger than ever' as glitch is resolved Netflix is on pace for its worst day in two years US lumber producers see huge opportunity, rush to expand San Francisco to consider tax on companies to help homeless Homebuilder sentiment, still high, stalls as tariffs, labor and land drive up costs Powell backs more rate hikes as economy growing 'considerably stronger' Netflix history is filled with big stock declines – like today – followed by bigger rebounds Intel shares get downgraded by Evercore ISI due to rising competition from Nvidia, AMD Petco aims to reinvent the pet store with something you can't buy online Genetic testing is coming of age, but for consumers it's buyer beware Tech 'FAANG' was the most-crowded trade in the world heading into the Netflix implosion, survey shows Netflix weak subscriber growth may indicate a 'maturity wall' that could whack the stock even more: Analyst This chart may be predicting the bull market's demise Wall Street says Netflix's stock plunge is a ‘compelling’ buying opportunity because the streaming giant ‘never misses twice’ Tesla sinks after Musk tweets, again Boeing announces new division devoted to flying taxis Stocks making the biggest move premarket: NFLX, UNH, GS, AMZN, WMT & more Deutsche Bank downgrades Netflix, but says big subscriber miss is not 'thesis changing' IBM is experimenting with a cryptocurrency that’s pegged to the US dollar North Korea and Zimbabwe: A friendship explained Virgin Galactic spinoff Orbit to launch rockets from the UK with space deal Artificial intelligence will create more jobs than it destroys? That’s what PwC says ‘Treasonous’ Trump and ‘Putin’s poodle:' Scathing headlines follow the Trump-Putin summit China’s fintech companies offer ‘enormous’ opportunity, investment manager says Trump's performance at summit with Putin was 'unprecedented,' experts say Walmart and Microsoft link up on cloud technology as they both battle Amazon European stocks seen mixed amid earnings; Fed’s Powell to address Congress How I knew I should quit my day job and run my start-up full-time: Viral website founder China's stocks have been trounced, but the trade war may ultimately be good news for those shares Billionaire tech investor Peter Thiel bets on crypto start-up Block.one Asian shares subdued open after mixed close on Wall Street; energy stocks under pressure Amazon cloud hits snags after Amazon Prime Day downtime Netflix isn't doomed by one quarter unless people start questioning the long-term investor thesis Tech stocks set to sink on Tuesday after rough evening for ‘FANG’ Netflix plummets after missing big on subscriber growth This wristband lets humans control machines with their minds The U.S. has a rocky history convincing Russia to extradite computer criminals Amazon suffers glitches at the start of Prime Day Jeff Bezos is now the richest man in modern history 'The United States has been foolish': Read Trump and Putin's full exchange Goldman Sachs recommends these 5 highly profitable companies — including Nvidia — to combat rising inflation Goldman Sachs releases 'tactical' stock picks for this earnings season Three red flags for Netflix ahead of its earnings report The bond market may be raising recession fears, but don't expect one anytime soon Cramer: Banks are 'making fortunes' but are still as hated as they were during the financial crisis Putin told Trump at summit: Russia never meddled in US election

Technology

Amazon loses another key executive as it becomes a top target for poaching tech talent

When Jim Freeman, the Alexa VP in charge of messaging products, told Amazon he’s leaving for the German e-commerce company Zalando earlier this year, the higher-ups asked him to stay, according to a person familiar with the matter.

Freeman didn’t budge, and in April he ended up joining the Berlin-based company.

Freeman, who first joined Amazon 9 years ago and previously spent a short time at Zalando, had a lot of support internally, as he oversaw the development of all Alexa messaging features, like audio and video calling. Previously, he also ran Amazon’s entire video team, including Prime Video and Amazon Studios.

Freeman’s departure is part of a recent wave of executive departures at Amazon. Even as Amazon enjoys unprecedented success and record-level stock prices, some of its senior executives are opting to leave. Smaller companies offer fresh opportunities and a relief from its high-intensity work culture, hiring experts say.

More than a dozen executives and senior managers have left Amazon over the past 10 months. Among them, Susan Harker, a VP responsible for global recruiting, took a leave of absence last August, according to people familiar.

Other recent departures that have been previously reported include top executives like Prime boss Greg Greeley and marketplace chief Sebastian Gunningham, as well as lower-level execs like Gene Farrell, a VP at Amazon Web Services, and Tim Stone, a finance VP who joined Snap as CFO earlier in May. Mike George, former VP of Echo, Alexa, and the app store, retired last June after a 20 year-run at Amazon.

In Freeman’s case, this is his second run at Zalando. He had previously joined the company in 2016, only to return to Amazon six months later for personal reasons. The personal issue has been resolved in recent months, and so he insisted on returning to the German company, people familiar with the matter said.

In a statement, Amazon said, “It’s simply incorrect to suggest that we have an executive retention issue. Amazon is the most attractive place to work in the US, according to LinkedIn, and we have nearly 95% retention among our Vice Presidents. For 20 years it’s been the case that a handful of executives have come and gone — for personal or professional reasons — and that’s true at any company. What’s unique about Amazon is that many come back — we call them ‘boomerangs’.”

One tech investor, who declined to be identified due to his close work with Amazon, said some of the departures are driven by a desire to take on bigger roles.

Freeman, for example, is now running all of Zalando’s engineering. Farrell, who left AWS to join Smartsheet, was able to be part of the company’s recent IPO roadshow, an experience Amazon wouldn’t have provided. Jamie Heywood, who was a director at Amazon, is now in charge of Uber’s UK operations. In the case of Stone, the investor surmised he was likely excited about a “turnaround job” at Snap.

Professional recruiters point to two broader trends for the sudden uptick in the number of managers leaving: burnout after breakneck growth and stronger demand for Amazon executives from other companies.

Jim Herd, managing partner at the Seattle-based executive recruiting firm Herd Freed Hartz, said Amazon could be a tough place to be for a long time, as its work culture tends to be more fast-paced and high-pressure than some of its peers.

“When you go to Amazon, you’re on a treadmill — it’s really non-stop,” Herd said. “It’s not a place for everyone.”

At the same time, thanks to Amazon’s exponential success in recent years, the demand for Amazon executives has grown significantly, Herd said. Now, 9 out of 10 of his clients pick Amazon as their most preferred poaching destination, he said.

And the higher Amazon’s stock goes, the more companies are asking for Amazon executives to come help build a similar culture of growth. It is no coincidence that a lot of the departing executives went on to join later-stage startups, such as Airbnb, WeWork, and Uber, he said.

“In the ’90s everybody wanted Microsoft executives. Now it’s Amazon,” Herd said.

One Silicon Valley recruiter, who declined to be identified due to his work with Amazon, said there’s been more demand for Amazon executives in recent years following the breakout success of AWS and Alexa voice technology. Those two businesses have transformed Amazon’s image from a simple online retailer to a more sophisticated tech company, stacked with talented engineers in emerging areas like machine learning and artificial intelligence, this person said.

“Amazon is now in so many areas that’s relevant to so many people, it’s become an obvious hunting ground for any client in the tech space,” this person said.

Amazon’s representative wasn’t immediately available for comment.

As a result, Amazon executives are drawing lucrative offers worth millions of dollars, these people said. Case in point: Stone, Snap’s new CFO, received a total compensation of $20 million — the equivalent of the salary for the 63rd highest paid CEO among the largest US companies last year, or the same amount as Microsoft CEO Satya Nadella.

But not everyone enjoys a big payday by leaving Amazon. Some people are forced to take a pay cut to go work at a smaller scale company, where they can exert more control over business decisions, said Max Hansen, CEO of recruiting firm Y Scouts.

He said Amazon has become so big — now with over 560,000 total employees — that it’s almost impossible to make big decisions that really “move the needle.” And for people that crave a more hands-on experience, the change comes with a cost.

“They’re willing to take less money for a role that creates a bigger impact,” Hansen said. “A lot of these people feel like they can’t show their individuality at Amazon.”

Source: Tech CNBC
Amazon loses another key executive as it becomes a top target for poaching tech talent

Comments are closed.