Source The Local Report
Last year, Amazon CEO Andy Jassy reportedly received a pay package worth around $212 million. The retail company specified that his package mainly reflected the big stock award he received post his take over of the company. He took over from the Amazon founder Jeff Bezos in July 2021. He was paid a base salary of $175,000, same as the year before.
Notably, most of Jassy’s compensation came in the way of a stock award of 61,000 shares. The stock options are set to vest over 10 years as stated in the filing. His compensation showcases an increase of over six times in comparison to his earning in 2020. Previously, he was the head of profit-generating cloud computing of Amazon’s AWS.
Jeff Bezos stepped down as the CEO of the retail company passing the baton to Jassy. He still serves as the executive chair of Amazon’s board despite giving up his CEO position. Bezos aimed to focus more on Blue Origin, his space-faring company, along with other ventures. His pay of $1.7 million remained unaltered even after Jassy replacing him. His holdings in Amazon stock position him as the second-richest person in the world as of now.
Other developments at Amazon.com Inc.:
The revelation of Jassy’s massive pay package came on the day of Amazon workers hitting a significant milestone. Workers at a warehouse in the Staten Island borough in New York historically won the battle of unionisation effort. They voted to organise the first US union in history of the Amazon. Additionally, it came in the midst of a separate union election vote count at Alabama warehouse of Amazon. The results of the vote were too close to call as the ballots challenged by the union or the company were large enough to sway the results.
Clearly, major stock awards are rather usual for newer executive for they give them an even bigger stake in firm’s performance. In fact, even Sundar Pichai got one-time stock awards when he joined in as the Chief Executive of Google parent, Alphabet about three years ago. His stock awards that vest overr time totalled to an amount of around $240 million.
Similarly, many other major companies of technology sector witnessed instances of executives earning an amount significant more than the rest of the employees, Recently, Apple Inc CEO Time Cook, along with Intel CEO Pat Gelsinger earned significantly greater amounts than the average workers of the company.
