The world’s largest shopping platform and technology company AmazonFounder and Founder of Jeff Bezoswho took the position of CEO in July 2021 after Andy jassyhas recently come to the fore with his salary. Jassy’s salary made some people uncomfortable
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Consulting firms find Andy Jassy’s $214 million salary excessive
Of course, being the CEO of one of the largest companies in the world is not easy. However, Andy Jassy’s salary, who came to this position after Jeff Bezos, is quite surprising. Given a $214 million annual salary, some investment advisory firms took the issue critically.
Institutional Shareholder Services (ISS), one of the world’s largest investor advisory firms, shared a report with its clients on Thursday. The report highlighted salary imbalances at Amazon. The expressions in the sharing are as follows.
The value of the new CEO’s $214 million bounty is excessive in the context of an internal promotion. The compensation program has nothing to do with objective, predetermined performance criteria.
The ISS said it joined another consulting firm, Glass Lewis, in urging shareholders to vote against these irregular and exaggerated salary payments at Amazon. Glass Lewis noted last week that the salaries of Amazon’s top executives had no context in “performance and pay.” On the other hand, Amazon made the following defense regarding the issue.
The way the SEC rules work is we need to report this grant as total compensation for 2021, in reality it will go into effect over the next 10 years. What this equals from an annual pay perspective is competitive with CEOs at other large companies and has been approved by the Amazon Board of Directors.
On the other hand, it is not only the CEO of the company whose salary is questioned. In addition, Adam Selipsky and Dave Clark’s payment packages are also being questioned by investors. It is a matter of curiosity whether the company will make changes in salaries after the reactions.