Amazon Chief Andy Jassy got complete compensation of Rs 10 crore in 2022, 99 percent not as much as what he got in 2021
In 2022, the executive was paid $1.3 million, or approximately Rs 10 crore, according to the company's annual proxy statement filing. This is a 99 percent drop from the complete of $212,701,169 in pay that he got back in 2022.
Ankush Pandey
When compared to his income in 2021, the total pay of Amazon CEO Andy Jassy was significantly lower the previous year. The executive received a total pay of $1.3 million (approximately Rs 10 crore) in 2022, which includes a base salary of $317,500, contributions to a 401(k) plan for $981,000, and security costs. This is a 99 percent drop from the complete $212,701,169 pay that he got back in 2021 after he got elevated to Amazon's President position.
According to the filing, Jassy's total compensation for 2022 decreased because he did not receive any stock awards. "They will take 10 years to vest and are intended to represent the majority of his compensation for the coming years," Business Today reported, citing Amazon's regulatory filing from May 2022. He received nearly $211 million in stock awards in the year 2021.
In addition to the compensation portion, Jassy's base salary was increased by 80% in 2022. The most recent filing indicates that his income increased to $317,500 in 2022 from $175,000 in 2021. This occurs just a few weeks prior to Amazon's annual shareholder meeting, which will take place on May 24. Specifically, the executive recently sent shareholders an email outlining Amazon's plans to grow its business and improve its performance.
He acknowledged in his letter that some of Amazon's recent cost-cutting measures have been difficult, but he believes the decision will pay off well. To cut costs, the e-commerce giant has laid off as many as 27,000 workers thus far. It has additionally closed down certain organizations to smooth out expenses and spotlight more on what will add to the organization's development.
He stated that Amazon examined "each initiative's long-term potential (will) drive enough revenue, operating income, free cash flow, and return on invested capital" by taking a "deep look across the company, business by business" approach.
"We will put in a lot of effort to spend wisely and keep our lean culture." We know how important it is to constantly promote a cost-conscious culture, especially in a business that is losing money. "We believe that scale is central to achieving the potential of our business model at this stage," he stated. "We choose to prioritize growth."
He also said that Amazon will keep hiring people and that the company will "compensate with stock options rather than cash" as well. This could frustrate and agitate the 27,000 representatives that the tech goliath has laid off up to this point.
