After firing 600 workers monday.com CEOs seek double pay
Just two weeks after monday.com announced layoffs of some 600 employees, co-CEOs Roy Mann and Eran Zinman are asking shareholders to approve a plan that could nearly double their annual compensation from $7.3 million in 2025 to $14.6 million each by 2029. The proposal includes monthly salary increases and a higher performance-based compensation ceiling.
Just two weeks after monday.com announced layoffs of some 600 employees, co-CEOs Roy Mann and Eran Zinman are asking shareholders to approve a substantial pay rise. In advance of the general shareholders meeting on August 6, they propose that their annual compensation could gradually rise from $7.3 million in 2025 to $14.6 million each by 2029, almost double their current pay. The company seeks to raise their monthly salaries by 19% to NIS 110,000 in the first year, then to NIS 115,000 in the second year and NIS 120,000 in the third year. Annual stock-based compensation will rise to the fiftieth percentile of the peer group by 2028, with maximums of $9.5 million in 2027, $13 million in 2028, and $13.65 million in 2029. The mix of stock-based compensation will shift so that 60% depends on performance instead of 70%. The ceiling for performance-based compensation will be raised from 100% to 200%, conditional on achieving exceptional results and strong profitability. In the past three years, the entitlement averaged 113.5% but was restricted by the previous ceiling. If targets are met, total compensation would be $10.4 million each in 2027, $13.9 million in 2028, and $14.6 million in 2029.