New Delhi. Amazon CEO Andy Jassy’s total pay compared to his 2021 earnings last year decreased by a large margin. According to the company’s annual proxy statement filing, the executive received a total salary of $1.3 million (about Rs 10 crore) in 2022, which includes a base salary of $317,500 and $981,000 in 401(k) plan contributions and security costs. This is a 99 percent drop from the total $212,701,169 salary that he received back in 2021 after being promoted to the CEO position of Amazon.
The filing shows that JC’s total compensation for 2022 dipped because he didn’t receive any stock awards during the year. Business Today, citing Amazon’s May 2022 regulatory filing, reported that he received about $211 million in stock awards in the year 2021, but “it will take 10 years for them to become vested and represent most of his compensation for years to come.” is intended.”
Apart from the compensation portion, JC also gets an 80 per cent hike in his basic salary in 2022. His income is set to jump from $175,000 in 2021 to $317,500 in 2022, according to the latest filing, which comes weeks before Amazon’s annual shareholder meeting. Which will happen on 24 May. Speaking of which, the executive just recently sent an email to shareholders detailing how Amazon plans to boost and outperform its business.
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In his letter, he acknowledged that some of the cost-cutting measures taken by Amazon in recent days have been difficult, but he believes the decision will pay off well for the company. So far, the e-commerce giant has laid off 27,000 employees to save costs. It has spun off some businesses in order to streamline costs and focus more on what will contribute to the growth of the company.
He revealed that Amazon took a “deep look” company by company, business by business, to analyze whether “the long-term potential (will) of each initiative generate sufficient revenue, operating income, free cash flow and invested capital.” But returns.”
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“We will work hard to spend wisely and maintain our lean culture. We understand the importance of continuously strengthening a cost-conscious culture, especially in a net loss-making business. At this stage, we see growth choose to prioritize because we believe that scale is central to achieving the potential of our business model,” he said.
He further explained that Amazon would continue to hire employees and promised that the company would continue to “compensate for stock options rather than cash”. This could frustrate and upset the 27,000 employees that the tech giant has laid off so far.
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