Amazon CEO Andy Jassy, who previously served as an executive at the company, received a payday totaling $212.7 million USD in total compensation last year. According to a proxy filing disclosed earlier today, Jassy’s compensation package is almost entirely made up of stock in the company.
Only $175,000 USD of the payday was derived from Jassy’s salary as CEO, while he received $211.9 million USD in stock when he was promoted last July. Amazon said that the stock will vest from 2023 to 2031 and will “represent most of Mr. Jassy’s compensation for the coming years.” If Jassy leaves Amazon before that period, he may not receive that entire stock amount.
“Faced with the first CEO succession in the Company’s history, the Leadership Development and Compensation Committee determined it important to provide for clarity and stability through an award that is designed to establish a long-term owner’s perspective and encourage bold, long-term initiatives, in the same manner that Mr. Bezos’s shares as founder incentivized him to focus on long-term, expansive growth,” the company stated in the proxy filing.
The company also said that Jassy was given $600,000 USD in additional compensation, largely due to security and business-related travel.
Jassy served as the head of the company’s cloud-computing division before replacing Jeff Bezos last summer. In his previous role, he earned $35.8 million USD, making his new salary six times higher.
In other tech news, a Facebook bug that channeled misinformation to news feeds was left unfixed for months.
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