Amazon to slash employee stock awards

 

Amazon said it plans to cut employee stock awards as part of a revised compensation plan.   The move comes as the e-commerce giant tries to reduce expenses amid slowing online sales growth and an uncertain macroeconomic environment. Business Insider first reported that Amazon planned to change the structure of its compensation packages, which included planning for "stock variation." Amazon stock fell by almost 50% in 2022 but has since regained over 20% of its value. The announcement came after Amazon said in March that it would cut 9,000 jobs in addition to the 18,000 roles it had already eliminated. Other cost-cutting efforts have included halting the expansion of Amazon's Fresh Stores, closing some of its Go stores, and suspending the development of its second headquarters in Arlington, Virginia.