Monday.com Shareholders Approve Doubling CEO Salaries Amid Company Challenges

Monday.com's shareholders overwhelmingly approved nearly 99% to double the compensation of co-CEOs Roy Man and Eran Zinman to approximately $14 million each, up from $7.2 million since 2021. The increase reflects the company’s strong financial performance since its 2021 IPO, with revenues rising from $308 million to $1.2 billion, placing Monday.com in the top percentile among comparable software firms. Despite this, the company’s stock value has dropped 40% this year and is currently valued at $3.8 billion, half its IPO valuation.

The pay raise comes shortly after Monday.com announced layoffs of 620 employees due to market uncertainties and competitive pressures from AI-driven enterprise operating systems. The timing of the salary increase has raised concerns given the company’s uncertain future and recent workforce reductions. The CEOs’ compensation package includes a base salary with a 3% annual increase and fixed equity awards of $7 million each. The monthly salary cap will rise by 19% to 110,000 shekels in 2027, with further increases planned for 2028 and 2029.

The annual bonus structure remains unchanged, allowing each CEO to earn up to 100% of their annual salary as a bonus, with the possibility of doubling that amount if performance targets set by the compensation committee and board are exceeded. Failure to meet minimum performance thresholds will result in forfeiture of bonuses. Monday.com emphasizes that even after the raise, CEO pay will be about 85% of the 25th percentile compared to peer companies.