There is a huge chance that the net worth of the senior vice president of AWS, Matt Garman, will take a big leap in 2024 as he is about to become the CEO.
Matt Garman has been working in the firm for the last 18 years. He first began his career in the AWS (Amazon Web Services) as an MBA intern and later became one of the company’s first product managers.
In 2000, he became the senior vice president of AWS sales, marketing, and global services and has held that position for the past four years.
Recently, AWS announced that current CEO Adam Selipsky will leave his position on June 3rd, 2024, and Matt Garman will fill the void.
Matt Garman will be replacing Adam Selipsky as AWS CEO.
— Anissa Gardizy (@anissagardizy8) May 14, 2024
In January, he reorganized his 60,000-person sales/marketing/services group to fix problems related to conflicting sales strategies and customer dissatisfaction.https://t.co/ZEtz7nNImw
57-year-old Adam Selipsky has worked in AWS for 14 years and has been the CEO since 2021. However, just after three years, he decided to step down from his position.
Further, as Adam Selipsky used to receive over $400,000 in salary as CEO, new CEO Matt Garman might receive more than that, ultimately increasing his net worth by millions.
AWS CEO’s basic salary rose drastically in the last three years
According to Salary.com, the AWS CEO’s basic salary increased by $48000 from 2022 to 2023.
In 2022, Adam Selipsky’s basic salary was $317,500, and he received a total compensation of $41,113,295, which included $40,752,682 in stock award values and $43,113 in other compensation.
Further, in 2023, his basic salary increased to $365,000, and he received a total compensation of $423,236.
Likewise, when Selipsk first became CEO in 2021, his basic salary was $109,722, and his total compensation reached $81,453,523 through his other income.
NEW: Meet Matt Garman, the 48-year-old AWS veteran who will replace Adam Selipsky as CEO of the cloud provider
— Anissa Gardizy (@anissagardizy8) May 16, 2024
– A day before the announcement, Selipsky made two leadership changes, promoting Colleen Aubrey, an ad exec, and Dilip Kumar into key AWS roles https://t.co/s1f9yEkK2F
As the salaries of the AWS CEOs grow every year, Matt Garman might start earning $500,000+ in 2025, which is a huge increase compared to his recent salary as a vice president.
According to Glassdoor, the Amazon vice president’s annual salary ranges between $321K and $557K.
However, their total salaries include all the bonuses and stock payments. Glassdoor claimed vice presidents receive an average bonus between $63K and $118K, while their stock payments range from $87K to $162K.
So, as Matt Garman has been working in the company for almost two decades, his basic salary as a senior vice president might be approximately $500,000 per year.
Further, according to our research, Matt Garman’s net worth might have been around $60 million on average in 2024.
Additional Information
- Matt Garman attended Stanford University and Northwestern University Kellogg School of Management.
- He served for SideStep Inc. for three and half years, from March 2001 to August 2004, as a Director product manager, and also served in Riffage for 1 year as a product manager.
- Matt Garman started working at AWS as a principal product manager and senior software development manager for AWS-EC2.
