Monday.com Shareholders Approve Doubling of CEOs' Salaries Amid Company Challenges
Monday.com shareholders approved nearly unanimously to double co-CEOs Roy Man and Eran Zinman's salaries to $14 million each, despite recent layoffs and a 50% drop in market value since the 2021 IPO. The company cites strong revenue growth but faces uncertainty amid market challenges and workforce reductions.
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- Monday.com shareholders approved doubling co-CEOs' salaries to about $14 million each.
- The company recently laid off 620 employees amid market uncertainty.
- Monday.com's revenue grew from $308 million to $1.2 billion since its 2021 IPO.
- Current market value dropped 50% to $3.8 billion since IPO.
- CEO salaries will increase annually through 2029 with performance-based bonuses.
- Company faces challenges from AI competition and uncertain future growth.
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. This decision follows the recent layoff of 620 employees and comes despite the company’s current market valuation dropping to $3.8 billion, down 50% from its 2021 IPO valuation.
The company justifies the salary increase by highlighting its strong financial performance since going public, with revenues rising from $308 million to $1.2 billion, placing Monday.com in the top percentile among comparable software firms. However, the timing is controversial given the recent workforce cuts and market uncertainties, especially with the rise of AI-based enterprise solutions threatening Monday.com's operating system market.
The CEOs’ compensation package includes a base salary that will increase by 19% to 110,000 shekels monthly by 2027, with further annual raises planned through 2029. Their annual bonuses remain tied to performance targets, with potential payouts up to 200% of their base salary. Despite the raise, the company states their pay will still be about 85% of the 25th percentile benchmark in their peer group.
While the achievements of Man and Zinman since the IPO are acknowledged, the company faces significant challenges ahead, and it remains uncertain if they can replicate past successes amid shifting market dynamics and internal restructuring.
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