Monday.com CEOs' Salaries Set to Double to $14 Million After 620 Layoffs

Two weeks after Monday.com announced layoffs of 620 employees, approximately 20% of its workforce, the company's shareholders are expected to vote on a significant salary increase for its co-CEOs, Roy Man and Eran Zinman. The proposed raise would gradually increase each CEO's compensation from $7.4 million in 2025 to $14 million over the next three years.

The timing of the salary hike, coming shortly after the mass layoffs, is likely to spark criticism given the company's stated need for cost-cutting measures. However, Monday.com clarified that the decision to propose the raise was made before determining the extent of the workforce reductions. The announcement of the planned salary increase was made about two months ago, prior to the layoffs being disclosed.

The company is expected to emphasize that the salary proposal was formulated and approved before the layoffs were finalized, although it is probable that the company was already aware of the need for efficiency measures due to its challenging business situation. The shareholders' vote on the raise is scheduled for this week.