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Business

Amazon CEO Andy Jassy lands $212M payday after replacing Jeff Bezos

By
Thomas Barrabi
Published April 1, 2022
Updated April 1, 2022, 10:21 a.m. ET

Amazon CEO Andy Jassy received a massive pay package during his first year on the job at the e-commerce giant, pulling in a nine-figure windfall in stock and other compensation, according to the company’s proxy filing on Friday.

Jassy, who succeeded Amazon founder Jeff Bezos as CEO last July after previously serving as head of the company’s cloud-computing unit, received approximately $212 million in total compensation in 2021.

A relatively small portion of that massive sum — just $175,000 — came from Jassy’s base salary. Most of Jassy’s compensation came in the form of a restricted stock unit award for 61,000 shares of Amazon stock.

Amazon said the award, which will vest over a period from 2023 to 2031, is “intended to represent most of Mr. Jassy’s compensation for the coming years.” The company’s compensation committee noted Jassy’s pay is in line with other top executives at large-cap companies such as Apple and Microsoft.

“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 proxy filing said.

Andy Jassy
Most of Andy Jassy’s pay package in 2021 came in the form of a long-term stock compensation plan. Bloomberg via Getty Images

Jassy also received nearly $600,000 in additional compensation, which the company identified as spending on security arrangements and business travel.

Jassy earned far more than Bezos, who is currently serving as Amazon’s executive chairman. Bezos was paid a base salary of $81,840 and received no stock grants.

Amazon spent a whopping $1.6 million on security and business travel for Bezos — a sum the company said was “especially reasonable in light of his low salary and the fact that he has never received any stock-based compensation.”

Bezos remains Amazon’s largest individual shareholder, owning 12% of the company’s stock. He ranks as one of the richest individuals in the world, with an estimated fortune of nearly $190 billion.

Other Amazon executives also earned top dollar last year. Amazon Web Services CEO Adam Selipsky was paid $81.4 million, while worldwide consumer division CEO earned about $56 million.

Amazon shares are up 3% over the last 12 months.