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Amazon executive Andy Jassy will be handed a package of shares worth more than $ 200 million takes over of Jeff Bezos as chief executive Monday.
On Friday, in a regulatory dossier, the company stated that it had approved the 61,000-share plan (which would be carried out over the next 10 years) and elected the 53-year-old member to the company’s board of directors.
Jassy has been to Amazon since 1997, and moved from his role as CEO of AWS, Amazon’s cloud computing arm, which he has led since its inception in 2006.
He will take the helm on July 5, the 27th anniversary of the company’s founding, in what will be Amazon’s first leadership transition.
Bezos will become chief executive and has said he plans to devote more time to personal efforts, such as space travel and his property of The Washington Post.
Amazon shares ended the week at a price of $ 3,510.98, valuing Jassy’s award at just over $ 214 million. However, the value could be considerably higher once fully invested: in the last ten years, Amazon’s stock price has risen by more than 1,500%. Its market capitalization currently stands at $ 1.77 million.
Jassy’s adjudication is in addition to the 88,538 shares it already owns, according to S&P Capital IQ, and 48,756 that had not yet been acquired by the end of 2020.
The celebration already done Jassy the company’s second individual shareholder, behind Bezos, whose stake is worth $ 176 billion.
Amazon did not outline any performance targets in relation to the award. A company spokesman declined to comment.
Solid stock grants are typical for Big Tech executives who enter more prominent jobs. In 2012, Apple granted Tim Cook 1 million units of restricted stock, valued at that time at $ 376 million, as it took over from the late Steve Jobs.
In 2019, Sundar Pichai received $ 276 million in shares and options from the owner of Google Alphabet, in part depending on achieving performance goals.
Satya Nadella, who was named CEO of Microsoft in 2014, received $ 59 million, also based on performance.
Additional reports from Richard Waters in San Francisco
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