Former MTV Networks CEO Judy McGrath has been elected to Amazon's board of directors. An SEC filing for the appointment, which goes into effect on Oct. 1, says that Amazon will assign McGrath to the board's Leadership Development and Compensation Committee.
More on Amazon
McGrath served as chair and CEO of Viacom's MTV Networks (MTV, VH1, Comedy Central, etc) from 2004 until her departure in 2011. In June 2013, the Scranton native partnered with Sony Music Entertainment to launch the website Astronauts Wanted, which produces and hosts content from the "undiscovered and rising stars of digital space."
According to the SEC filing, which was signed by Amazon svp David Zaplosky, McGrath will receive 2,520 shares of company stock that will vest in three equal annual installments starting Aug. 15, 2015, as long as she remains as director.
McGrath's experience in music and programming could come in handy for the Seattle-based company. Amazon has been busy expanding its music and original programming offerings as of late. In July they beefed up the catalog of the just-launched Prime Music, a streaming service that's bundled with their larger Prime membership. Early indicators are that the service is off to a decent start. In the video space, Amazon Studios division has been aggressively adding original content for Amazon Instant Video customers in a bid to compete with Netflix. On July 24, the company announced second quarter revenue of $19.3 billion, a 23% jump year-over-year.