Amazon plans to award incoming CEO Andy Jassy with more than $200 million

E-commerce giant Amazon has announced its plans to award incoming Chief Executive Andy Jassy more than $200 million (roughly Rs. 1,495 crores) in extra stock, which will pay out over 10 years, informed the company in a regulatory filing on Friday. On July 5, when Jassy will officially succeed Jeff Bezos in the online retailer's first CEO transition, Amazon will record the grant of 61,000 shares, further added the filing. As of Friday's close, those shares are worth about $214 million (Rs. 1,599 crores).

The exact value of the award will depend on how the shares are trading when they pay out in future years. This move is to encourage Jassy to grow a company that's worth $1.77 trillion (Rs. 1,32,31,643 crores) today. Though Amazon did not disclose the vesting schedule, its previous stock grants have not vested right away.

Amazon plans to stop its prior biannual stock grants to Jassy, aiming for the latest award to account for most of his compensation in the coming years, a person familiar with the matter said.

Financial account of Andy Jassy

The base salary of Jassy has been $175,000 (Rs. 1,30,82,130), as per the filings. Additionally, he has $45.3 million (Rs. 338.64 crores) in previously awarded stock that is vesting this year and had $41.5 million (Rs. 310.23 crores) vest in 2020. Reportedly, the aim is for the latest award to account for most of his compensation in the coming years so Amazon has also planned to stop its prior biannual stock grants to Jassy. 

Andy Jassy- New CEO of Amazon

Incoming CEO Andy Jassy is reportedly joining with a high commitment towards gaming development. He has spent major time of 15 years converting Amazon into a highly profitable technology company from an e-commerce giant creating and then dominating the cloud infrastructure market. The 53-year-old tech expert is a member of Bezos’ elite group of executives called the S-team. In 2016, Bezos had selected him as CEO of Amazon Web Services (AWS) while he was already heading it since inception. 

The Cloud-computing boss and new CEO of Amazon, Andy Jassy is all set to take over the company on July 5th. Marking his exit exactly after 27 years, Chief Executive Officer (CEO) Jeff Bezos will officially step down on the same day Amazon was incorporated. Jassy, who will be the second CEO of Amazon is expected to bring significant changes to the company with development in the gaming sector and his cloud-computing experience.