Amazon taps Herrington of Seattle

Amazon.com tapped Doug Herrington to run the company’s sprawling retail and logistics operation, giving him the new title chief executive officer of Worldwide Stores and signaling the importance of a continued push into groceries under company CEO Andy Jassy.

Herrington, 55, of Seattle, joined Amazon in 2005 and launched the Amazon Fresh grocery delivery service in 2007.

He replaces Dave Clark, a 23-year veteran who helped create a warehouse network and in-house delivery service that speeds packages to customers in two days or less.

Herrington’s new role encompasses everything from Amazon’s last-mile delivery operation to its retail websites and physical stores.

Amazon also said John Felton, who has been with the company for 18 years, will oversee the operations division and report to Herrington.

“This is a very strong and experienced leadership team,” Jassy said in a statement Tuesday. “I remain very optimistic about our Stores business, and believe we’re still in the early days of what’s possible.”

Markets rebound on Tuesday

U.S. markets staged a relief rally Tuesday as investors tried to look past the rising recession fears that sparked fierce volatility last week, but persistent inflation and a recent jump in interest rates have made it hard to take a breath.

The stock market, which was closed Monday in observance of Juneteenth, is coming off its worst week since March 2020.

The S&P 500 sank into a bear market, defined as a 20% drop from a recent high, and gave up 5.8% over the five-day span as investors digested the Federal Reserve’s decision to raise its benchmark interest rate by three-quarters of a percentage point, as well as mounting evidence that consumers are cutting back and growth is slowing amid the highest inflation in 40 years.

But investors bounced back to start the trading week.

The Dow Jones industrial average advanced 641 points, or 2.2% at the closing bell.

And both the S&P 500 and the tech-heavy Nasdaq climbed about 2.5% to end the spirited trading session.

Despite the winning day, however, the major economic factors that have pummeled Wall Street this year remain a daunting obstacle for the next comeback.

From wire reports