Amazon plans to award incoming chief executive Andy Jassy $265.6 million in extra stock over ten years.
Jassy, who is serving as the chief of Amazon Web Services, took over from founder Jeff Bezos today.
Bezos’ outsized stake in Amazon has made him the richest person in the world.
Bezos’ successor will receive 61,000 shares on July 5 as the online retailer changes executives for the first time since it was founded in 1994.
As of Friday’s close, those shares are worth about $284 million.
The monumental award encourages Jassy to grow a company that is already worth $2.35 trillion.
Recruited at Amazon way back in 1997, Jassy is worth roughly $500 million according to Bloomberg Billionaires Index.
Amazon plans to stop its prior biannual stock grants to Jassy, aiming for the latest award to account for most of his compensation in the coming years.
Jassy’s vested equity was still smaller than payouts to rival CEOs in the technology industry.
Microsoft’s Satya Nadella had $US285 million in stock vest for the fiscal year ended June 30, 2020, on top of a base salary of $3.3 million.
Apple’s Tim Cook had $374 million in stock vest, according to its 2021 proxy.