Here are your FOX Business Flash top headlines for April 1st.
Amazon. com Inc. Chief Executive Andy Jassy received $212.7 million in compensation in 2021, his first year at the helm of the tech and e-commerce giant.
The majority of his compensation consisted of $211.9 million in stock awards.
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According to Amazon’s proxy statement filed with the Securities and Exchange Commission, the 61,000 shares that make up the Stock Awards represent the special award for his promotion to President and Chief Executive Officer.
Mr. Jassy was named CEO in February 2021, succeeding founder Jeff Bezos after announcing his move from CEO to the role of Executive Chairman. Mr. Jassy officially took on the role in early July.
Amazon CEO Andy Jassy. Amazon announced on Tuesday, February 2, 2021 that Jeff Bezos will step down as CEO. According to Amazon, Bezos will be replaced in the summer by Jassy, who heads Amazon’s cloud business. (Isaac Brekken/AP Images for NFL, File) (AP Newsroom)
Amazon said more than 80% of the shares will vest in five to 10 years and are expected to represent the majority of Mr. Jassy’s compensation for years to come, the company said.
“Given the first CEO succession in the company’s history,” Amazon said in a filing that its Compensation Committee “has found it important to provide clarity and stability through an award aimed at establishing a long-term ownership perspective and bold, long-term initiatives.”
AMAZON SUBJECT TO CONGRESSIVE INQUIRY INTO STOCK DEEP
The company said it considered compensation data for CEOs of large technology companies and others, as well as one-time awards for CEO promotions, when structuring Mr. Jassy’s compensation.
Mr. Jassy’s 2021 base salary was $175,000, the same as in 2020 when he was head of Amazon Web Services, the company’s cloud computing business. In 2020, his total compensation was $35.8 million.
An independent group of former and current Amazon workers voted this week to unionize a company warehouse in New York City. (AP Photo/Craig Ruttle, file) ((AP Photo/Craig Ruttle, file) / AP Newsroom)
Amazon recently more than doubled its maximum base salary to $350,000.
Mr. Bezos’ total compensation has been estimated at around $1.7 million. This amount, essentially unchanged for years, will be used primarily to cover security for Mr. Bezos.
News of the company’s executive salaries comes as workers at a New York plant voted to form the tech giant’s first union in the US
AMAZON WORKERS AT STATEN ISLAND LOCATION VOTE FOR UNION, FIRST IN COMPANY HISTORY
Amazon’s CEO change marked the company’s first major leadership change in its history. Mr. Bezos has been the CEO since founding the company in a Washington state garage.
Mr. Jassy joined Amazon in 1997 and quickly earned his stars as the right-hand man of Mr. Bezos, who is credited with helping create Amazon Web Services, one of the company’s most profitable hubs.
| ticker | security | Last | To change | To change % |
|---|---|---|---|---|
| AMZN | AMAZON.COM INC. | 3,271.20 | +11.25 | +0.35% |
In the company’s fourth quarter, which included the critical holiday season, Amazon nearly doubled its profit to $14.3 billion from $7.2 billion in the year-ago period as sales rose 9.4% to $137.4 million -dollar rose.
AWS contributed about $17.8 billion to the company’s revenue for the quarter, up about 40% during the period.
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Amazon’s financial results surprised some analysts who were expecting more subdued performance as Amazon struggled with rising costs on multiple fronts.
write to Adriano Marchese at [email protected]