However, the voluntary separation program in India led to Amazon’s summon by the Pune Labour Commission after Nascent Information Technology Employees Senate (NITES) filed a complaint, stating that the program was illegal. Jassy made 1,298,723 in total compensation. In December and January, Amazon paid out $640 million in severance packages. 6 Education 7 Andy Jassy Net Worth 8 Andy Jassy Compensation, Salary 9 Social Media Andy Jassy Biography and Wiki Andrew R. As President and Chief Executive Officer, Director at AMAZON COM INC, Andrew R. The company is taking responsibility by providing support for the affected employees, such as a separation payment, transitional health insurance benefits, and external job placement support. For his work as chief executive officer of Amazon Web Services, Jassy earned a base compensation of 175,000 in 2020, plus a restricted stock) of Amazon with vesting beginning in 2023. Jassy noted in the memo that the affected teams are yet to make their final decisions on which roles will be impacted, and Amazon anticipates concluding this by mid-to-late April. Jassy clarified in a memo that the latest role reductions are not linked to the previous announcement as the teams were still finalizing their analyses at that time. In November 2022, Jassy had first initiated a voluntary reduction offer to some PXT employees, which he further expounded on in January, eliminating 18,000 roles primarily in Amazon Stores and PXT. This decision comes shortly after Amazon laid off 18,000 employees and Meta announced its plans to cut 10,000 jobs. Although the move is a difficult one, Jassy believes it is necessary for the company’s long-term triumph. If Amazon had underperformed the market, Jassy would have looked brilliant for selling his shares, Cameron Newton, the founder of the venture-capital firm Relevance Ventures and a former investment banker, told Insider, but "the reality is Amazon's outperformed just about everything." For Jassy's diversified portfolio to perform at the same rate, it would have had to match Amazon's nearly 8,500% surge since Jassy's first publicly disclosed stock sale in November 2006.1.15 Related Amazon CEO Andy Jassy Confirms 9,000 Job Cuts in Second Round of LayoffsĪmazon CEO Andy Jassy has announced a critical decision to let go of 9,000 employees across various departments such as AWS, People, Experience, Technology (PXT), Advertising, and Twitch. Jassy isn't known for splashy purchases other than a $6.7 million Santa Monica, California, home and a minority stake in the forthcoming NHL team the Seattle Kraken. The wealth manager Kenneth Van Leeuwen told Insider the trust was likely a grantor-retained annuity trust, which would allow Jassy to pass shares to his children while minimizing tax liabilities. In the same filing, he gifted some shares to his wife and a trust. His last transaction was in November, when he sold just over 1,000 shares, netting him $2.6 million. In 2022, his net worth was estimated to be around 382 million, with yearly compensation of about 213 million. The value of the shares at the time was 12,104,844.93, with vesting in 2023. His 375-plus transactions were executed using a 10b5-1 trading plan, which allows insiders of publicly traded companies to schedule stock sales in advance to avoid accusations of insider trading. For his work as CEO of AWS, Andy received a compensation of 175,000 and a restricted stock unit award of 4,023 shares in 2020. The 53-year-old netted an estimated $162 million post-tax from stock sales and likely invested most of the proceeds. Account icon An icon in the shape of a person's head and shoulders.
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