Surely the group holds both Monzo and Monzo USA? He was previously just CEO of Monzo USA.
I think he was CEO of Monzo U.K. and US for most of the last reporting period too though. Actually looking at it, his renumeration on last years report would have been for 10 months or so not 12 so annualised it would be a bit higher (1.2mil). He became CEO may 2020.
It’s still a very significant rise from that to 4 mil though. Some may be agreed share option plans but the salary raise is also very much there.
(yes, I know huge annual increases is how CEO salaries work and it isn’t how non-exec salaries work, I can still hope that isn’t the case though )
Good for him. It isn’t a charity. But now of course he needs to prove he is worth it.
Might also include costs for relocation from the US etc
It is, indeed, very good for him to gain a 300% salary increase
The CEO remuneration discussion is very pertinent in the current climate and not something to be wary or shy to criticise. Yes he is doing a good job (although no profits yet eh), but come on, 4x increase? The nuts and bolts of the machine are the employees. If they haven’t got a 4x increase, what has the CEO done to merit this?
It’s a far cry from ‘it isn’t a charity’ to ‘3m pay increase’.
There was a time I might have expected Monzo to not be that company, but that’s long gone honestly. I fully expect it to be the sort of company that raises exec salaries well beyond what they’d ever offer non-execs with similar increases in responsibility or performance.
Still as you say, just because we know it’s ‘how it works’ doesn’t mean we shouldn’t highlight it.
Partly it will be his (well established) name within the industry. It lends huge credibility to Monzo as a company.
Did he change his name to a more credible one since the last annual report?
How long have you got?
All staff must do pretty well out of their stock options, but pretty unreasonable to think everyone would get 400% raises when they’re not equally responsible or accountable for the incredible growth they’re seeing.
I would love to work for you if you give your lowest earning employees a 4x raise since a year ago.
E.g. if Flex is responsible for a chunky part of that growth, surely the 300 (just guessing) people who actually made it happen (I mean designed it, coded it, debugged it, made sure it’s compliant, etc) are equally responsible and accountable… right? An idea is very good and all, but it couldn’t materialise without the people who made it happen.
This thread probably isn’t the right place to fully debate the throws of global capitalism and modern exec pay tbh.
We can see from the annual report the level of the salary increase. Whether you are someone who thinks exec pay increases far outstripping non-exec pay increases is justifiable is probably a different discussion.
It’s best to wish to be a CEO who can up his own salary 4x than an employee who has to wait for management to tell them there is no more money left for raises
Not quite how it works!
One thing I would be interested to know though is whether staff pay is at least by default increased by inflation. Otherwise staff are getting a real wage cut, I do feel quite strongly about CEO pay increasing while real-wage cuts are being implemented.
We’d need some insider info there though
He can’t 4x his salary, their are governance committees which it would have gone through
To be clear, I completely agree they should be rewarded! I just think expecting the same % increase as the CEO for large swathes of the company is unreasonable, sorry.
Maybe they got bonuses and extra stock awards
Maybe they won’t break even next in next years report after all