Inc has announced that its incoming CEO, Andy Jassy, will be receiving over $200 million in additional stock as part of his compensation package. This stock will be paid out over a 10-year period. Jassy will be taking over from Jeff Bezos as CEO of the online retail giant on July 5.

The exact value of the stock grant will depend on the future trading price of Amazon shares, providing an incentive for Jassy to continue growing the company’s already massive market value of $1.77 trillion. The details of the vesting schedule for the stock have not been disclosed, but historically, Amazon’s stock grants have not vested immediately.

Alongside the stock grant, Jassy’s base salary has been $175,000. He also has $45.3 million in previously awarded stock that will vest this year, and $41.5 million in shares that vested in 2020. While these figures are substantial, they still fall behind the compensation packages of rival CEOs in the technology industry. For example, Microsoft’s Satya Nadella had $215 million in stock vest in the fiscal year ended June 30, 2020, in addition to a base salary of $2.5 million. Apple’s Tim Cook had $281.9 million in stock vest this year, according to their 2021 proxy statement. However, it is important to note that despite his lower salary, Bezos has been the world’s richest person due to his majority stake in Amazon.

It is worth noting that Amazon will discontinue its previous practice of biannual stock grants to Jassy. The grant disclosed on Friday will make up a significant portion of his compensation in the years to come, according to a source familiar with the matter. Additionally, Amazon will also provide personal security for Jassy, as stated in the filing.

Andy Jassy’s appointment as CEO marks a significant transition for Amazon, as Jeff Bezos steps down from his role after leading the company since its inception in 1994. Jassy, who has been with Amazon since 1997 and served as the CEO of Amazon Web Services (AWS), will now take on the responsibility of leading one of the world’s most influential and valuable companies. His compensation package reflects the confidence and expectations that Amazon has in him to continue driving growth and innovation in the years ahead.

1. Forbes article on Andy Jassy’s stock grant
2. CNBC article on Jeff Bezos’ stake in Amazon