Amazon has awarded veteran exec Andy Jassy more than $214 million in stock grants, which will vest over a 10-year period, as he gets set to replace Jeff Bezos as CEO.
The tech giant revealed the award in an SEC filing this evening.
The changing of the executive guard will happen Monday. Jassy has been heading up Amazon Web Services ever since the wildly successful division launched in 2006. Bezos will remain as Amazon’s executive chairman and has said he will remain active in the affairs of the company he founded in the early 1990s.
Jassy will receive 61,000 shares of stock once he takes on his new role. Amazon stock closed today at $3,510.98. While the company’s valuation is one of the richest in the world, at nearly $1.8 trillion, the company’s stock has remained essentially flat over the past year even with record-setting financial results.
Bezos is worth about $200 billion, according to a recent estimate by Bloomberg. He plans to make a trip to space later this month in a rocket made by his company, Blue Origin, and will also remain a presence at the Washington Post. He bought the newspaper about a decade ago as an individual investment maintained outside of Amazon.
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Even though Jassy’s compensation makes him significantly less wealthy than Bezos, the world’s richest man, he does alright for himself. In 2020, he made $35 million through a stock grant.
Bezos has expressed a high degree of confidence in Jassy, who is a career Amazon exec. “Andy is brilliant and has the highest of high standards,” the founder wrote in a letter to shareholders. “I guarantee you that Andy won’t let the universe make us typical. He will muster the energy needed to keep alive in us what makes us special. That won’t be easy, but it is critical. I also predict it will be satisfying and oftentimes fun.”
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