Andrew Jassy, CEO of Amazon (NASDAQ:AMZN), has not been granted any additional equity awards for 2022, despite a nearly twofold increase in base pay. The e-commerce behemoth claimed that decision was made following consultation with the 20 biggest shareholders in the business.
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Jassy’s 2021 awards, which were initially valued at $214 million, were given in order to cover compensation for additional years, according to the company. However, due to the price decline of AMZN stock in 2022, the value of those awards has significantly decreased.
In the meantime, Amazon revealed that the newly promoted CEOs of its e-commerce and cloud businesses had each received more than $40 million at 2022 share prices.
The company has been struggling with recession fears and inflation, which have resulted in a slowdown in consumer spending. As a result of these challenges, Amazon has slashed about 27,000 job positions so far in 2023.
Is Amazon a Buy or Sell Stock?
The Strong Buy consensus rating for Amazon is backed by 35 Buys and one Hold. At $136.46, the average AMZN stock price target implies 39.5% upside potential. Shares have gained about 14% so far in 2023.
