Amazon CEO Andy Jassy’s total compensation reached $40.1 million in 2024, due largely to strong gains in the company’s stock price that boosted the value of the shares he vested during the year.
The compensation figure, disclosed Thursday morning in the company’s annual proxy statement, was up 37% from $29.2 million the prior year.
Although Jassy vested fewer shares — 211,000 in 2024 compared to 225,340 in 2023 — the value of those shares rose sharply to $38.5 million, up from $27.8 million the year before, because of Amazon’s stock gains.
Other components of Jassy’s total compensation:
- Base pay, which was unchanged at $365,000.
- Company 401(k) contributions totaling $6,900.
- Company-paid personal security costs of $1.12 million, up from $986,164 in 2023.
- $105,000 for a required Hart-Scott-Rodino Act (HSR) filing fee, which Amazon paid on Jassy’s behalf.
Amazon’s stock jumped more than 40% in 2024, outpacing the broader market. The gains coincided with strong growth in its cloud business, Amazon Web Services, and progress in artificial intelligence.
(The company’s shares are down more than 13% so far this year — including a plunge and partial recovery along with the rest of the market after recent tariff announcements from President Trump.)
Jassy’s decline in vested shares in 2024 reflected the vesting schedule for a 10-year equity grant awarded to him when he became Amazon’s second CEO in 2021, succeeding founder Jeff Bezos in the role.
That grant, originally valued at $212 million, vests through 2031 regardless of Amazon’s performance — a structure that has drawn scrutiny from some shareholders and proxy advisory firms.
The number of shares scheduled to vest each year declines, by design, to balance out the company’s goal of long-term gains in the share price.
Jassy did not receive any new stock grants in 2024, according to the proxy, and he has not received any since the 2021 stock grant.
Under a pay ratio disclosure in the proxy filing, using an SEC formula, Amazon said Jassy’s base pay and other compensation (primarily security) of $1,596,889 for 2024, compared with a median employee compensation of $37,181 (for all full- and part-time permanent and temporary employees worldwide, except the CEO).
That translated into a reported pay ratio of 43:1, compared with a ratio of 37:1 a year earlier. The increase in the ratio was largely due to rising security costs and the HSR filing fee.
In the U.S., the company’s median annual total compensation rose to $47,990, up from $45,613 a year earlier.
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