Monday.com CEOs' Salaries Set to Double After 620 Employee Layoffs

Two weeks after Monday.com announced the layoff of 620 employees, representing about 20% of its workforce, the company's shareholders are expected to vote on a significant salary increase for its two CEOs, Roy Mann 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. This decision comes shortly after one of the largest rounds of layoffs in the Israeli high-tech sector this year, sparking criticism given the company's stated need for cost-cutting measures.

However, Monday.com emphasizes that the salary increase proposal was made public about two months ago, prior to the announcement of the layoffs. The company is likely to argue that the decision to raise CEO pay was finalized before determining the scale of workforce reductions, although it was probably already anticipated that efficiency measures would be necessary due to the company's challenging business situation.

The timing of the salary increase vote, so soon after the mass layoffs, is expected to draw scrutiny and debate among stakeholders and the public. Shareholders will decide on the proposal in the coming days, which reflects a substantial boost in executive pay despite recent cost-cutting efforts impacting employees.