New Delhi (India), 16th April 2023: In 2022, Amazon CEO Andy Jassy received a 99 percent pay cut, the company said in a securities statement. In 2022, Jassy was not given any further shares, which reduced the wage difference between the top executive of Amazon and its lower-level workers.
According to a Fortune report, the company’s proxy statement for the prior fiscal year showed that Jassy earned $1,298,723 in 2022. His total pay for the year was $981,223, in addition to his $317,500 salary.
The Amazon CEO’s entire remuneration for 2021, which included $212 million in stock grants that would vest over ten years, has been reduced by 99%. The business stated in the filing that Jassy’s 2021 award was “intended to represent most of his compensation for the coming years” and that this was the main justification for not giving him further stock in 2023 or the previous year.
FAANG, which stands for Facebook (now Meta), Apple, Amazon, Netflix, and Google, is an abbreviation for America’s five most well-known internet companies and Andy Jassy is not the only FAANG CEO to have recently taken a wage cut.
Tim Cook, the CEO of Apple, will get $49 million in 2023, which is around 40% less than what he made in 2022. Sundar Pichai, CEO of Google, will receive less money in 2022 than he did in 2021. He received $5.41 million in additional remuneration in addition to a $2 million base salary.
