Does recovery time matter for your VP? Make sure he realizes that with Amazon, granular recoveries directly from the cloud will not be possible (you will need hours/days and lots of $$$ to download all required backups locally first). So, I will question "cost effectiveness", unless of course he plans cloud backups that he will never have to do restores from.
More generally speaking though, Amazon is not the best choice for offsite backup, and ironically this is specifically because they are "well known" and have lots of users.
For example, a couple of years ago Amazon has lost data of some 100'000 users. Two weeks later, they have reported that they have restored data for 98% (or so) of impacted end users. Now, think more about this. This means 2000 (sic!) users lost their data completely... the fact that the provider was "well known" did not really help. Nor it will help you to avoid ending up in those thousands of users.
Besides, 98% of "lucky" ones had zero control on their data restore process. About 50'000 or so of those users had to wait over a week
(sic!) for their data to become available, and could not do anything about it... you cannot really pick up the phone and call Amazon, and expect them to start recovering YOUR data first? They will instead recover everyone in some unpredictable order, because they have no insight on importance of content availability for the particular user (nor do they care). They may spend 10 days recovering family picture archives (without knowing this can wait), and you will wait for your very important backup (without them knowing you are waiting). Way too many users for any sort of personal approach to be plausible, hard to blame them for this!
With local service provider, it's a different experience - you can even be there on-site to make sure you are in that 1% of users whose data will be first to be recovered
More importantly, the only purpose of backup is recovery, so think about those disaster recovery scenarios why are you looking to backup to cloud in the first place... for some reason, people never consider this. How many days it will take to download all your backups in case of entire site loss? Do some math on what will be the cost of such data recovery (especially with Glacier, but even with S3)? On the other hand, with local provider, you can hop in the car with 12-bay NAS, and be back in a few hours with all of your backups in hands. You don't get this flexibility with those huge public clouds?
So there are lots and lots of considerations behind choosing the service providers for off-site backups, and just going with "well known" ones for perceived cost effectiveness has lots of implications around the very reason of doing off-site backups in a first place: recovering from entire site disasters.