Amazon CEO Andy Jassy took a 99 percent pay cut in 2022, a securities filing by the company revealed on Thursday. Jassy was not granted any new stock in 2022, shrinking the pay gap between the Amazon’s top boss and its rank-and-file employees.
The company’s proxy statement for the preceding financial year revealed that Jassy took home $1,298,723 in 2022, according to a Fortune report. His salary for the year was $317,500, and he received $981,223 in additional compensations.
This is a 99% cut from the Amazon CEO’s total compensation for 2021, when he was awarded $212 million in stock grants to be vested over 10 years. The company said in the filing that Jassy’s 2021 award was “intended to represent most of his compensation for the coming years”, a reason why it had no plans to bestow more stock in 2023 or last year.
Andy Jassy is not the only FAANG CEO who took a pay cut recently, FAANG being an acronym for America’s five most prominent tech companies – Facebook (now Meta), Apple, Amazon, Netflix and Google.
Apple CEO Tim Cook will earn $49 million in 2023 – about 40 percent less than what he was paid in 2022. Google CEO Sundar Pichai also a lower compensation in 2022 as compared to the previous year. He received a base salary of $2 million and $5.41 million in other compensations.
(With inputs from Reuters)
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