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Amazon will grant Andrew Jassy over $200 million in stock as the latter makes his shift to the Chief Executive Officer of the company.
The company in a regulatory filing on Friday said that in connection to Jassy’s promotion to President and Chief Executive Officer of Amazon.com, Inc. which will occur on July 5, 2021, the Board of Directors elected Jassy as a Director of the company effective as of the date he becomes President and Chief Executive Officer.
In connection with Jassy’s promotion, the tech giant has approved a restricted stock unit award under the Company’s 1997 Stock Incentive Plan with respect to 61,000 shares of common stock of the company. The stock will be granted as of July 5, when Jassy takes over the reins as the President and CEO and will vest over ten years.
The actual payout will be dependent on how the company’s shares are trading in the future.
Currently, the accounting for the closing of the company’s shares on Friday at $3,510.98, the amount is over $214 million.
Amazon founder and CEO Jeff Bezos is set to transition to the Executive Chairman of the company’s board in Q3 2021 as Jassy, whose prior stint was the CEO of AWS (Amazon Web Services) will take over as CEO of Amazon.
Jassy's base salary as the CEO of Amazon Web Services has been $175,000 as per the filings. The executive received $45.3 million in previously awarded stock vesting in 2021 and over $41 million that vested in 2020.
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