New York CNN  —  Amazon’s biggest moneymaker, Amazon Web Services, is getting a new leader. Adam Selipsky, the chief executive of the cloud computing unit, will step down from his role next month, the company announced Tuesday. Selipsky, who first joined AWS in 2005 — before its services were even publicly available — has led the business since 2021, when previous AWS CEO Andy Jassy was promoted to lead all of Amazon. Matt Garman, currently vice president of sales, marketing and global services, will take over as AWS CEO starting June 3. The leader of AWS is of major consequence to the larger company, as the cloud computing business makes up nearly two-thirds of Amazon’s overall profits. And with annual revenue of more than $90 billion last year, AWS is larger than many standalone companies. AWS is also at a pivotal moment with the growth of artificial intelligence, as it rolls out new tools and capacity in hopes of becoming the computing provider of choice for the next wave of technology. But it faces fierce competition from other major players, including Google Cloud and Microsoft Azure. Amazon Web Services CEO Adam Selipsky Gabe Ramirez/CNN video Related video New Amazon Web Services Chief says company still has the edge over emerging competition Amazon Web Services’ sales have grown more than 85% since Selipsky’s takeover. Amazon shares dipped more than 1% Tuesday following the announcement. However, Jassy said in an email to staff Tuesday that Selipsky’s tenure was always meant to be short-lived. Jassy said that when he left AWS to become Amazon CEO, “we had strong leaders in AWS, several of whom could lead the overall business in the long-term, but who’d benefit from a few more years gaining experience and learning under a more seasoned CEO.” He added that in speaking with Selipsky about taking the job back in 2021, “we agreed that if he accepted the role, he’d likely do it for a few years, and that one of the things he’d focus on during that time was helping prepare the next generation of leadership. We were fortunate that Adam agreed to step in and lead AWS, and has deftly led the business, while also developing his leadership team,” Jassy said. “I’m humbled by the many customers who have said they wouldn’t be what they are without AWS, thankful to our many partners, and grateful to my passionate and innovative teammates. AWS will be in great hands with Matt and the incredible leadership team,” Selipsky said in a post on X Tuesday. Even before Selipsky’s takeover, Garman had been considered by analysts to be among the top frontrunners for AWS CEO. Garman started at Amazon as an intern in 2005, and joined full-time in 2006 as one of the first AWS product managers, according to the company. He later became general manager of AWS Compute services, before moving to lead the sales side of the business.