$14 million: The CEOs who fired 600 employees and are asking for double the salary
Roy Mann and Eran Zinman, the founders and CEOs of Monday, are asking the company's general meeting for a tiered salary increase that will bring them to a level of $14 million each. The company recently announced the layoff of 600 employees.
Just two weeks ago they announced the layoff of 600 employees, and now Roy Mann and Eran Zinman, the founders and CEOs of the company Monday, are requesting a significant salary increase. Ahead of the company's general meeting to be held on August 6, the two are asking shareholders to approve a plan under which the compensation of each of the two CEOs may gradually increase from about $7.3 million in 2025 to about $14 million in 2029 — almost double their current salary.
The company is asking to raise their monthly salary by 19% to 110,000 shekels in the first year, and then give them two more raises: in the second year their salary will rise to 115,000 shekels and in the third to 120,000 shekels.
The annual equity compensation allocation will be increased to reach the 50th percentile target among the peer group (similar companies whose compensation was checked for comparison) by 2028. The equity compensation cap for each CEO will be $9.5 million in the first year (2027), $13 million in the second year, and $13.65 million in the third year (2029).
The proposed equity mix will change from a 70% performance component to a 60% performance-based component; the company notes that this change is intended to align the mix with the practice in peer companies and create a better balance.
The cap for performance-based compensation will be raised from 100% to 200% — according to Monday, similar to peer companies.
Monday notes in the meeting invitation that although the maximum compensation for excess performance will be raised to 200%, receiving this maximum payment will be conditional on achieving exceptional performance, robust profitability, and significant fulfillment of the company's strategic and financial goals.
According to the company, for illustration, in the last three years (2023, 2024, and 2025), the eligibility rate calculated according to the formula (without a cap limit) for performance-based compensation granted to the co-CEOs averaged 113.5%, although actual payments were strictly limited by the previous 100% cap.
In addition, already now each of the co-CEOs is entitled to a target bonus of 100% of the annual base salary (12 times the monthly salary), with the maximum payment standing at 200% of the annual base salary (24 times the monthly salary) in case of performance exceeding the target.
If they meet the targets, Zinman and Mann will receive total compensation of $10.4 million each in 2027, $13.9 million in 2028, and $14.6 million in 2029.
