Good morning, CFOs. Amazon Web Services outage disrupts retailers, airlines, financial-services companies and more; a second proxy advisory firm says Tesla investors should reject Elon Musk’s pay package; plus, Kering agrees to sell its beauty business to L’Oréal.

Amazon Web Services said the massive internet outage that originated in its cloud-computing data centers has largely been fixed, more than 13 hours after an initial shutdown hit businesses big and small, WSJ's Robert McMillan and Gareth Vipers report.

Sites and apps were down for millions of users on Monday, hit by a far-reaching and stubborn Amazon outage that disrupted retail sales, social-media services, financial services and other companies.

As of 5:48 p.m. ET, Amazon had made significant progress toward “pre-event levels” of connectivity and expected to work through the bulk of its backlogged issues in the next two hours, the company said.

Facebook, Snapchat and Amazon.com were unavailable for many users, with financial services Fidelity, Coinbase, Robinhood and Venmo also reporting disruptions. The outage hit communication tools such as Slack and Signal, some airlines including United Airlines, AI tool Perplexity and videogames including Fortnite and Roblox.

The outage could cost billions in lost sales and cause disruption through supply-chain issues, according to Parcelhero, a home-delivery service.

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A second proxy advisory firm has issued a recommendation that shareholders vote against Chief Executive Elon Musk’s proposed pay package.

Glass Lewis, which makes recommendations to investors on how they should vote on company proposals, has joined Institutional Shareholder Services in suggesting Tesla shareholders reject Musk’s proposed $1 trillion compensation plan, Tesla said in a post on X on Monday.

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Lineage, the Novi, Mich.-based real-estate investment trust, has hired Robb LeMasters as its new chief financial officer, effective Nov. 10. LeMasters most recently served as chief financial officer of BWX Technologies, a supplier of nuclear components and products, which announced his departure in May, Lineage said. In June, Lineage said Rob Crisci, who has been the company’s finance chief since April 2023, was planning to retire.

—Colin Kellaher contributed to today’s Ledger.

The Wall Street Journal's CFO Journal offers corporate leaders and professionals CFO analysis, advice and commentary to make informed decisions. We cover topics including corporate tax, accounting, regulation, capital markets, management and strategy.

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