The majority of his compensation was in the form of stock compensation, amounting to $211.9 million.
According to an Amazon agent statement submitted to Securities and Exchange CommissionThe 61,000 shares that make up the stock awards represent the special grant for his promotion to President and CEO.
Mr. Gacy was appointed CEO in February 2021, the subsequent founder Jeff Bezos After he announced his transition from the position of CEO to the position of CEO. Mr. Gacy formally took office in early July.
Amazon said more than 80% of the shares are due to be invested within five to 10 years, and are expected to account for most of Mr. Gacy’s compensation for the coming years, the company said.
“Faced with the first CEO succession in the company’s history,” Amazon said in a statement, its compensation committee “has determined that it is important to provide clarity and stability through an award designed to establish a long-term owner perspective and encourage bold, long-term initiatives.”
The company said it considered compensation data for CEOs at large tech companies and others, as well as one-time awards for CEO promotions, in structuring Mr. Gacy’s compensation.
Mr. Gacy’s base salary in 2021 was $175,000, the same salary it was in 2020, when he was president of Amazon Web Services, the company’s cloud computing company. In 2020, his total compensation is $35.8 million.
Amazon recently doubled its maximum base pay to $350,000.
Mr. Bezos’ total compensation was estimated at $1.7 million. That amount, essentially unchanged for years, is mostly used to cover Mr. Bezos’ security.
News about the salaries of company executives comes as workers at a New York facility voted to establish the first tech giant union in the United States
The change of CEO at Amazon marks the first major leadership shift in the company’s history. Mr. Bezos has been CEO since he started the company in a garage in Washington state.
Mr. Gacy joined Amazon in 1997 and quickly earned his stars as Mr. Bezos’ right-hand man, and is credited with helping create Amazon Web Services, one of the company’s most profitable hubs.
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In the company’s fourth quarter, which included the critical holiday period, Amazon nearly doubled its profit to $14.3 billion from $7.2 billion in the same period last year as revenue rose 9.4% to $137.4 million.
AWS contributed approximately $17.8 billion to the company’s revenue in the quarter, an increase of about 40% in the period.
Amazon’s financial results surprised some analysts who had expected a quieter performance as Amazon coped with rising costs across a number of fronts.
write to Adriano Marchese at [email protected]
“Infuriatingly humble alcohol fanatic. Unapologetic beer practitioner. Analyst.”