Andy Jassy to net $214m in Amazon stock on taking over from Jeff Bezos


Amazon executive Andy Jassy is set to be handed a stock package worth more than $200m when he takes over from Jeff Bezos as chief executive on Monday.

In a regulatory filing on Friday, the company said it had approved the 61,000-share plan — to vest over the next 10 years — and elected the 53-year-old to the company’s board of directors.

Jassy has been at Amazon since 1997, and is stepping up from his role as chief executive of AWS, Amazon’s cloud computing arm, which he has led since its inception in 2006.

See also  Should you invest in Gold ETF?

He will take the helm on July 5, the 27th anniversary of the company’s founding, in what will be Amazon’s first-ever leadership transition.

Bezos will become executive chair, and has said he plans to dedicate more time to personal endeavours, such as space travel and his ownership of The Washington Post.

Amazon’s stock ended the week priced at $3,510.98, valuing Jassy’s award at just over $214m. However, the value could be considerably higher once fully vested: in the past 10 years, Amazon’s stock price has increased by more than 1,500 per cent. Its market capitalisation currently stands at $1.77tn.

Jassy’s award comes in addition to the 88,538 shares he already holds, according to S&P Capital IQ, and 48,756 that had yet to vest by the end of 2020.

The holding already made Jassy the second-largest individual shareholder at the company, behind Bezos, whose stake is worth $176bn.

Amazon did not outline any performance targets in relation to the award. A company spokesman declined to comment.

See also  Kharif sowing picks up pace, even as rainfall gets delayed

Hefty stock grants are typical for Big Tech executives stepping into top jobs. In 2012 Apple awarded Tim Cook 1m in restricted stock units, valued at the time at $376m, as he took over from the late Steve Jobs.

In 2019 Sundar Pichai was awarded $276m worth of shares and options in Google owner Alphabet, partly dependent on hitting performance targets.

Satya Nadella, who was appointed chief executive of Microsoft in 2014, received $59m, also performance-based.

See also  Share Market Today LIVE | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Updates June 11

Additional reporting by Richard Waters in San Francisco

Daily newsletter

#techFT brings you news, comment and analysis on the big companies, technologies and issues shaping this fastest moving of sectors from specialists based around the world. Click here to get #techFT in your inbox.



Source link

Latest

10 CBD Oil Benefits and Uses for Your Health

A study on CBD oil and bone health showed that CBD might help reduce the risk of osteoporosis and other bone-related diseases, such as multiple myeloma, anemia, and leukemia.

​Can digital cash make inflation worse?

By Andy MukherjeeInflation is coming. Or wait, it’s already here. Bond investors are looking at the 4.2% annual rate that U.S. consumer prices...

Draghi’s Plan to Cut Italian Red Tape Clears Hurdle for EU Aid

Article content (Bloomberg) — Prime Minister Mario Draghi’s cabinet approved a plan to reduce bureaucratic obstacles in Italy, a key commitment he made...

Four Common Types of App Developers and the Cost of Developing 

Many people have this common question on their minds what are the best mobile app development companies in the market that people should know...

Mexico City mayor: ‘There’s no need to change direction’

It has been a terrible few weeks for Mexico City mayor Claudia Sheinbaum: just as the capital was getting one of the world’s...
See also  Share Market Today LIVE | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Updates July 7