Amazon.com Inc did not grant its Chief Executive Andy Jassy any new stock in 2022, shrinking the pay gap between the online retailer's top boss and rank-and-file employees, the company said on Thursday in a securities filing.
"LLMs and Generative AI are going to be a big deal for customers, our shareholders, and Amazon," he said, noting Amazon's AI-focused offerings from machine learning chips to CodeWhisperer service that helps write computer code.
The filing showed that the pay ratio of Amazon's median employee globally to Jassy was 1 to 38 in 2022, or about $34,000 compared with the CEO's $1.3 million in salary and benefits. In 2021, the ratio was 1 to 6,474, reflecting a stock grant Amazon said would take Jassy a decade to fully earn.the outsized compensation of CEOs when compared to staff, including at Amazon. In the United States, its median full-time pay was $41,762, Amazon said.
The company said Jassy's 2021 award, originally worth $214 million, was "intended to represent most of his compensation for the coming years", a reason why it had no plans to bestow more stock in 2023 or last year. The package has declined sharply since Amazon awarded it. Reflecting the company's stock drop, Jassy's award along with older grants lost nearly $148 million of their value in 2022.Reporting By Jeffrey Dastin in Palo Alto, Calif. and Aditya Soni in Bengaluru; Editing by Sonali Paul and Arun KoyyurJeffrey Dastin is a technology correspondent for Reuters based in San Francisco, where he reports on the technology industry and artificial intelligence.
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