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Amazon’s Tony Masone: Corporate Treasurer of the Year

Published: Sep 2026
Adam Smith Awards 2026

Corporate Treasurer of the Year

Overall Winner

Tony Masone, Amazon

Photo of Tony Masone, Amazon.

Tony Masone

Vice President and Treasurer
Amazon logo
United States

Amazon.com, Inc. is an American multinational technology company engaged in e-commerce, cloud computing, online advertising, digital streaming and entertainment, and artificial intelligence, among other things.

Growing up, Tony had no immediate mentors in finance. He originally wanted to be an engineer, inspired by the robotics in the Clairol factory where his father worked as a production manager. But in high school, he joined Junior Achievement, a youth-serving economic education organisation, where combustion engineering mentored his team. In his junior year, he excelled as a production supervisor, leveraging his father’s expertise. And as a senior, his peers elected him as Chief Financial Officer. His team won the annual competition for most profitable company, selling small electronics and household goods. That experience solidified his interest in finance and gave him insight into the importance of mentorship, which defines his leadership to this day.

He went on to study accounting at Roger Williams University, then joined KPMG as an auditor after graduating. From there, he worked for PepsiCo, where he landed his first corporate treasury role as an analyst. At PepsiCo, he cut his teeth on cash management and his first M&A deal, then moved into the restaurant division, a physical‑cash-heavy business that offered a side of treasury most never see.

He left for a finance leadership role at Kraft, which provided valuable experience. However, Tony missed the unique day to day work of treasury. When a treasury position opened at Air Express International, he knew it was time to go back. There, he built an automated collections platform modelled on what he learned at PepsiCo and gained experience in debt, foreign exchange, exposure management, and international bank account management.

At a networking event for KPMG alumni, he crossed paths with a former colleague who was now at General Electric (GE) and looking for a treasurer to work on GE’s real estate division. For Tony, who grew up in Stamford, Connecticut (USA), GE was always the big-name aspirational local company. He made the leap, even without deep real estate expertise. That pattern of saying yes to opportunities that pushed him a little out of his comfort zone continued throughout his career. It is still something he coaches mentees to do today.

Over 17 years of tenure at GE, Tony had worked through a range of treasury roles. He grew real estate treasury from ~US$13bn to ~US$90bn in assets, built a US$45bn bank from scratch in Utah, and, notably, navigated the 2008 global banking crisis. This involved him relocating to London to restructure approximately US$80bn in bank assets across 40+ countries, working with multiple international regulators simultaneously. That experience in risk management and regulatory navigation shaped how he leads as a Treasurer. His guiding principle: liquidity must always be safe and secure. He stress-tests exposures, models downside scenarios, and maintains diversified funding channels so that the company is always prepared.

When Tony arrived at Amazon in 2016 as an assistant treasurer, the company generated US$136bn in total net sales and ran most of its treasury operation out of Seattle. Amazon was scaling at extraordinary speed into new geographies and entirely new industries, and its treasury infrastructure needed to keep pace. Tony reimagined the function to match that trajectory. He architected a global payments transformation project called the Global Treasury Center (GTC) to streamline systems, stood up regional treasury centres for global coverage and regional expertise, diversified funding tools, and secured credit rating upgrades.

The Covid-19 pandemic in 2020 put this work to the test. E-commerce demand surged at Amazon while markets swung into extreme volatility. The Tier-1 credit rating Tony’s team secured before the pandemic proved crucial, as Tier-2 corporates struggled to issue debt and faced pricing up to 100 bps higher than Amazon’s. Tony led a US$10bn bond issuance at record-low pricing, executed Amazon’s first multi-year revolving credit facility (RCF) refinancing with all terms and commitments intact, and accelerated commercial paper issuances.

Traditional cash flow forecasting methods couldn’t keep pace with Amazon’s increasingly complex global operations during this time. Refusing to accept these limitations, Tony encouraged his treasury and finance technology teams to build a machine learning forecasting model that could predict patterns across multiple business lines and countries. This resulted in reduced cash positioning time.

Tony also repositioned treasury as a strategic enabler of the business, not just a back office finance function. He created new teams like the Treasury Business Partners to interface directly with business-line finance leadership and fostered a culture where collaboration and experimentation are expected.

The funding infrastructure he built continues to give Amazon the financial flexibility to pursue organic growth and capital‑intensive investments. In March 2026, the team executed a US$37bn transaction, which was the fourth largest USD deal of all time and largest non-M&A related deal of all time. They also closed a €14.5bn transaction, which was Amazon’s first-ever euro-denominated deal and the largest EUR deal on record. Beyond that, the team has issued CHF2.8bn, CA$14bn, and an additional US$25bn issuances.

The kid that loved robotics and wanted to be an engineer is still there. Tony remains passionate about technology and innovation, with the GTC as proof. The GTC, one of Tony’s biggest transformations, unlocks liquidity by pooling more entities in more currencies, simplifying intercompany interest settlement, reducing groupwide FX exposure, and maximising yield through a best in class cash marketplace. It drives payment efficiency by concentrating cashflows into a single disbursement account per currency cutting costs, improving customer experience, tightening cash controllership, and enabling new businesses to scale without standing up new banking infrastructure.

He partnered with Amazon’s financial technology organisation and banking partners to explore agentic AI workflows, reimagining how functions like liquidity management, corporate finance, and banking operations could work without legacy constraints. At the same time, he championed Amazon’s rollout of desktop AI tools like Amazon Quick and monthly peer-to-peer training sessions, so treasury staff can learn to solve everyday workflow problems now, not just when enterprise-scale solutions arrive.

Tony built a world-class treasury operation at one of the most complex companies on the planet. He navigated financial crises, led technology transformations, and secured capital at the right moments. But what matters most to him now is seeing people from his own team succeed in their own right.

“When I was younger in my career, I was focused on myself and my accomplishments, but as I got older, I realised that’s not how you should measure yourself as a leader,” Tony said. “It’s about how many people you’ve been able to help grow and excel in their careers, not yours. Now, it’s the best part of the job when I run into someone that worked for me that’s a treasurer here or an assistant treasurer there. There’s no better feeling than that. And you can’t put a price on that. For me, that’s the ultimate success.”

Adam Smith Awards sail

The Adam Smith Awards are the industry benchmark for best practice and innovation in corporate treasury. The 2026 awards attracted 635 nominations. To find out more please visit treasurytoday.com/adam-smith-awards

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