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Amazon CEO Andy Jassy Total Compensation Plunged in 2022, After Taking 99% Pay Cut

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2 years ago

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Amazon

Amazon CEO Andy Jassy’s total compensation plunged in 2022, after he took a 99% pay cut, earning less than the company’s founder Jeff Bezos.

In the document released by the company, Jassy was paid a total of $1.3 million in 2022, including a $317,500 base salary plus another $981,000 in 401(K) plan contributions. His 2022 total compensation was a major decline from $212,701,169 earned in 2021.

Jassy’s lesser compensation in 2022 was a result of him not receiving any stock awards during the year. According to Insider, Jassy vested $31.9 million in 2022 and is expected to vest $18.9 million in 2023. The filing shows 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.

Although his total compensation dropped, Jassy who has been the CEO of the company for two years, saw a major salary increase of $317,500 from $175,000 recorded in 2021.

In a letter, Jassy acknowledged that some of the cost-cutting steps Amazon has recently taken are challenging, but he believes that the company would greatly benefit from it in the long run. To date, the e-commerce giant company has let go of about 27,000 workers in a major cost-cutting effort.

Amazon has also shut down several operations to reduce costs and has put more emphasis on areas that will help the business to grow. Jassy disclosed that each initiative’s long-term potential would drive adequate revenue operating income, free cash flow, and return on invested capital by taking a deep look throughout the organization business by business.

He said “We will put in a lot of effort to manage our spending to keep a lean culture. We recognize the need to consistently foster a cost-conscious culture, especially in a company that experiences net losses. We prefer to focus on growth at this time because we think that scale is essential to realizing the promise of our business model”.

He further disclosed that the company would continue to add to its workforce and would continue to compensate its stock option rather than cash.

Investors King understands that Andy Jassy is not the only CEO who took a pay cut among the top tech companies. Apple CEO Tim Cook will earn $49 million in 2023, about 40 percent less than what he was paid in 2022. Google CEO Sundar Pichai also received a lower compensation in 2022, compared to the previous year.

Several other such as Morgan Stanley CEO James Gorman, and Goldman Sachs CEO David Solomon are just a few examples of high-profile CEOs who have taken salary cuts to support their employees and businesses. While these pay cuts may not solve all the company’s challenges, these CEOs have shown a commitment to responsible leadership and a willingness to make tough decisions to keep their businesses afloat.

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E-commerce

Nigerians To Enjoy 85% Discount On Groceries, Phones, Home Appliances, Others As Konga Begins Yakata Black Friday Sale

Published

13 hours ago

on

November 5, 2024

By

Konga

Consumers in Nigeria now have opportunity to get 85 percent discount on products of their choice in this year’s yuletide as Konga, Nigeria’s leading e-commerce group, has officially commenced its highly anticipated annual Konga Yakata Black Friday sale.

The offer that was launched on Friday, November 1st, will run through November 30th, 2024.

The Konga Yakata Black Friday campaign is a unique opportunity for Nigerian consumers to access premium products at unbeatable prices, while also benefiting from Konga’s trusted logistics and payment solutions. Shoppers are encouraged to visit Konga.com to take advantage of these exceptional offers throughout November.

According to the management of the firm, this year’s Yakata sale brings unbeatable offers across all Konga subsidiaries, including Konga Online, Konga Retail, KongaPay, Konga Travel and Tours, Konga Health, and Konga Logistics.

Touted as the “Biggest Sale of the Year,” Konga Yakata Black Friday offers consumers the opportunity to enjoy up to 85% discount on a wide range of products across categories, including groceries, phones and accessories, home appliances, fashion, and beauty.

It is believed that the sale campaign will usher significant relief to shoppers as Konga moves to cushion the effect of the nation’s harsh economic realities.

As a trusted and authorized retailer of leading Original Equipment Manufacturers (OEMs), Konga provides shoppers with unmatched access to genuine products from renowned brands such as Starlink, L’Oreal, Apple, Samsung, Philips, Zinox, Nokia, Hisense, Oppo, Infinix, Lenovo, and HP.

It further asked consumers to expect not only the convenience of authentic goods but also a distinct pricing advantage on these premium brands.

The Yakata campaign also supports Nigerian small and medium-scale enterprises (SMEs) by driving consumer demand through nationwide awareness and promoting e-commerce adoption.

It indicated that Konga has invested significantly in creating awareness for Yakata, enabling more Nigerians to leverage online shopping for their essential needs and lifestyle desires.

For this year’s offer, the deals do not end on Konga.com alone as Konga, through its subsidiaries, provides exclusive deals to customers during the Yakata period:

Konga Travel and Tours affiliates and top clients were asked to watch out for perks including free weekend hotel accommodations, and a zero-service charge for corporate clients who book travel during the Yakata campaign.

Konga Health is offering exciting discounts on renowned brands like CeraVe and on your favourite beauty and health products. Customers can also use your favourite Konga Health influencer’s voucher code to unlock even more exclusive deals and freebies! Stay tuned to Konga Health’s social media pages for the latest updates and announcements.

KongaPay is offering shoppers who use KongaPay for purchases on Konga.com will receive a 10% discount, with additional benefits like 10% off on bill payments including electricity, cable TV, and data.

It added that users who maintain a savings balance of at least NGN50,000 are eligible for a 15% annual interest rate. As part of a special promotion, shoppers who use KongaPay also stand a chance to win cash prizes in a 100k giveaway. To qualify, customers simply need to download the KongaPay app and create an account in minutes.

Assuring customers of a seamless delivery system, Konga Logistics noted that it offers delivery at competitive, discounted rates. Konga Logistics assured that a seamless shopping experience with reliable and affordable delivery options for all purchases made during the Yakata season.

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Jumia Nigeria Launches Black Friday Offers, Extends Services To Smaller Towns, Villages

Published

1 day ago

on

November 4, 2024

By

Jumia - Investors King

Jumia Nigeria has launched its Black Friday deals and offers as consumers in smaller towns and villages nationwide now have access to its shopping experiences.

The company disclosed that it is expanding e-commerce access bearing in mind that the prevalent economic downturn in the country is having its tolls on many Nigerians, especially those in rural communities.

It disclosed that the campaign will run from November 1st to November 30th, 2024 with the theme ‘No Too Calculate’.

Reiterating its commitment to creating a simpler, stress-free shopping experience for Nigerians amid economic challenges, Jumia promised to allow consumers to enjoy great savings without budgetary worries.

Disclosing that this year’s Black Friday campaign is supported by Xiaomi as the platinum partner, alongside renowned brands such as Oraimo, Nivea, Infinix, Tecno, Itel, Haier Thermocool, Binatone, Pernod Ricard, Diageo, Bacardi, Hikers, Ecoflow, Skyrun, Glamstar, Ledrop, Unilever, Macallan, LG, and others, the CEO, Jumia Nigeria, Sunil Natraj stressed that the campaign is about making e-commerce more accessible to consumers in Nigeria.

Recognising the current economic situation in the country , Natraj said Jumia has worked closely with its brand partners to offer the best possible deals to consumers during this period.

According to him, Jumia expanded its network of Pickup Stations to ensure that even more consumers, regardless of their location, can benefit from the convenience of online shopping.

Harping on the company’s priority of creating real value for both its consumers and sellers through its extensive ecosystem, the CEO said those in rural areas would easily participate in the online shopping and get their delivery seamlessly.

For the Country Manager, Xiaomi Nigeria, Xingyu Yang, everyone deserves access to the latest cutting-edge technology, noting that Jumia Black Friday is the perfect opportunity for consumers to experience Xiaomi’s nnovative products at unbeatable prices.

He said since Jumia introduced Black Friday to Nigeria in 2014, the company has continued to unlock new opportunities for both consumers and businesses, expressing confidence that Nigeria will play a pivotal role in projection that online shopping in Africa will reach $75 billion by 2025.

He added that the Black Friday campaign serves as a powerful platform for international and local brands as well as SMEs to expand their reach and boost sales.

To make the online shopping and delivery easier, Yang stated that Jumia has extended its logistics network and has partnered with hundreds of local logistics service providers that will ensure easy delivery to all corners of Nigeria, including smaller towns and rural areas.

Listed on the New York Stock Exchange (NYSE) in 2019, Jumia is the leading e-commerce company in Africa, operating in 11 countries. The Jumia platform consists of a marketplace, which connects sellers with consumers, a logistics service, which enables the shipment and delivery of packages from sellers to consumers, and a payment service, JumiaPay, which offers a safe and easy solution to facilitate online payment transactions.

The company offers goods across a broad range of categories, such as phones and electronics, home appliances, fast-moving consumer goods, fashion and beauty.

 

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South Africa, Tunisia Record Job Losses as Jumia Shuts Down Outlets Over Diminishing Returns, Hopes on Nigeria, Others

Published

3 weeks ago

on

October 17, 2024

By

Jumia - Investors King

Africa-focused e-commerce retailer Jumia Technologies has announced its decision to shut down its South African online fashion retailer Zando and its Tunisian operations by the end of the year.

The development, Investors King gathered, followed diminishing returns in the countries which has been having significant impacts on the firm.

Francis Dufay, the Chief Executive Officer of the retailer giant, expressed strong confidence in Nigeria’s market, saying the firm will refocus on more profitable markets such as Nigeria.

Dufay said Jumia is aiming at more profits, hence, its decision to implement aggressive cost-cutting measures, which include reducing its workforce, exiting the everyday grocery and food delivery sectors, and scaling back delivery services unrelated to its core e-commerce business.

He said the trajectory of the South Africa and Tunisia did not align with the strategy of the group, citing complex macroeconomic conditions, a competitive landscape, and limited medium-term growth potential in these regions.

Stressing that the group’s exit plan is the right decision, Dufay emphasised that the move will allow the company to concentrate its resources on the other nine markets including Nigeria, where growth prospects are more promising.

Jumia’s remaining markets include Egypt, Kenya, Morocco, and Nigeria.

Dufay maintained that success in these regions could help recover volumes lost from the closures in South Africa and Tunisia.

Giving more facts on the level of shortage Jumia incurred in South Africa and Tunisia, he noted that Zando and the Tunisian operations contributed only 2.7% of total orders and 3% of Gross Merchandise Value during the first half of the year.

Zando.co.za, founded in 2012, has established itself as a prominent online fashion platform in South Africa. Meanwhile, Jumia’s Tunisian operations have been running under the Jumia brand for a decade, offering general merchandise.

Dufay confirmed that there are no plans to sell either operation, which will hold clearance sales before their shutdown.

Findings by Investors King revealed that no fewer than 110 persons will lose their jobs in the affected countries once the closures take effect.

Although some employees may be relocated within the company’s other divisions.

This decision comes shortly after South Africa’s largest online retail group, Takealot, announced the sale of its fashion subsidiary, Superbalist, amid rising competition from fast-fashion e-commerce giants like Shein and Temu. Dufay acknowledged that the growth potential in South Africa is increasingly challenging due to the highly competitive environment.

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