JULY 3 — Amazon.com Inc plans to award incoming Chief Executive Andy Jassy more than US$200 million in extra stock, which will pay out over 10 years, the company said in a regulatory filing yesterday.
The award’s exact value will depend on how the shares are trading when they pay out in future years, encouraging Jassy to grow a company that’s worth US$1.77 trillion today. Though Amazon did not disclose the vesting schedule, its previous stock grants have not vested right away. The annual median pay at Amazon was US$29,007 last year across full, part-time and temporary employees worldwide, excluding Bezos, whose base salary was US$81,840. The founder’s outsized stake in Amazon has made him the richest person in the world.
Some governance experts have criticised such pay schemes because they reward executives irrespective of whether they achieve corporate milestones. Stock grants can be more appropriate for startups than for established companies like Amazon, said, John C. Coffee Jr., director of the Center on Corporate Governance at Columbia Law School.
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