Retailers, consumers and prices
Check Out Line: Amazon’s board shrinks
Check out the downsizing at Amazon.com.
No, no, it’s not a big corporate layoff. But the e-commerce giant is cutting the size of its board of directors by 12.5 percent.
Of course, once you’ve lost the part of “the center of gravity in the Internet,” why even try to replace him.
That phrase is what Amazon CEO Jeff Bezos is quoted as calling John Doerr and Kleiner Perkins Caulfield & Byers, the Silicon Valley Venture Capital firm where he is a partner.
Amazon said in March that Doerr, who has served on the board for 14 years, will not stand for reelection.
In the company’s annual proxy statement released on Wednesday, Amazon said it will not replace Doerr, but instead cut the size of its board from eight to seven. The seven nominees are all current directors of the company and all but one have served for at least six years.
Also of interest in the proxy, CEO Jeff Bezos only made a salary of $81,840 again last year and all his other other compensation was $1.7 million, which consisted of costs for Bezos’ security. Sure, he owns about $13 billion in Amazon stock, but you’d think they would have at least given the guy a Kindle or something. (Oh, maybe they did, judging by this Reuters photo).
Also in the basket: