Amazon (NASDAQ:AMZN) announced pay increases for some key executives on Friday, including Chief Financial Officer Tom Szkutak, while keeping Chief Executive Jeff Bezos’ salary at 2010 levels, according to The Wall Street Journal.
“Due to Mr. Bezos’ substantial stock ownership, he believes he is appropriately incentivized and his interests are appropriately aligned with shareholders’ interests,” Amazon said Friday in its annual proxy statement.
Bezos received $1.68 million in total compensation last year, $81,480 in salary, and $1.6 million for security-related expenses. He currently holds 86.97 million shares, or 19.1 percent of the company. Szkutak saw his total compensation rise to $8.45 million from $163,200 in 2011, when he received no stock and $7.19 million in 2010.
Additionally, the online distribution giant reiterated its plans of foregoing short-term profits in the interest of heavy investment. In a letter to shareholders released Friday, Bezos said that the outlays “strike some as too generous, shareholder indifferent, or even at odds with being a for-profit company. Take a long-term view, and the interests of customers and shareholders align.”