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Freshworks Revises CEO Mathrubootham’s Stock Awards

Inc42 · 1y ago

Freshworks Revises CEO Mathrubootham’s Stock Awards

Freshworks has revised the stock-based compensation for its CEO Girish Mathrubootham and other top executives due to macroeconomic conditions. Mathrubootham's multi-year performance-based restricted stock unit award has been canceled, and he has been granted an annual long-term equity incentive award valued at $19 million. The value of the stock award has changed over the years, with Freshworks' share price experiencing fluctuations. The decision to revise the stock awards was made to align business objectives with shareholder value creation.

Related News

Freshworks' board reworks CEO Girish Mathrubootham’s stock award

Economic Times

Economic Times · 1y ago

Freshworks' board reworks CEO Girish Mathrubootham’s stock award

Software service provider Freshworks has canceled the performance-based stock award of 6 million shares to its founder and CEO, Girish Mathrubootham. The decision was made due to macroeconomic challenges affecting the company's stock price. While his original stock award has been canceled, Mathrubootham has been allotted stock awards valued at $19 million. Additionally, stock awards have been approved for Freshworks' other executives, including president Dennis Woodside, CFO Tyler Sloat, and CPO Srinivasagopalan Ramamurthy.

Freshworks rejigs CEO Girish Mathrubootham’s stock award

The Arc Web

The Arc Web · 1y ago

Freshworks rejigs CEO Girish Mathrubootham’s stock award

The board of Freshworks has revised the stock-based compensation for its top leadership, including CEO Girish Mathrubootham and President Dennis Woodside. The board has canceled a performance-based stock award of 6 million shares granted to Mathrubootham during the company's IPO. However, a stock award of 3 million shares granted to Mathrubootham remains unchanged. The revision was made due to macroeconomic conditions, and the new stock awards for the management team are structured to vest over the next four years. Other executives receiving stock awards include Woodside, CFO Tyler Sloat, and Chief Product Officer Srinivas Ramamurthy.

Freshworks board cancels CEO Girish Matrubootham’s performance award of 6 mn stock units

Livemint

Livemint · 1y ago

Freshworks board cancels CEO Girish Matrubootham’s performance award of 6 mn stock units

The Livemint article focuses on the cancellation of CEO Girish Mathrubootham's performance award of 6 million stock units. The board at Freshworks, the customer engagement software company, made this decision. More updates will be provided.

Freshworks cancels CEO Girish's stock award of 60 lakh shares

Inshorts · 1y ago

Freshworks cancels CEO Girish's stock award of 60 lakh shares

Freshworks' board has revised CEO Girish Mathrubootham's stock award, citing macroeconomic conditions, as per SEC filings. The board cancelled Girish's performance-based stock award of 60 lakh shares and granted him an annual long-term incentive award worth $19 million. The stock award was worth over $130 million when it was granted during the firm's IPO in 2021.

IPO-bound Swiggy grants $271 million Esops to founder Sriharsha Majety, top management

Economic Times

Economic Times · 1y ago

IPO-bound Swiggy grants $271 million Esops to founder Sriharsha Majety, top management

- Swiggy granted employee stock options worth $271 million to its founders and top management in its latest stock-based compensation plan. - Founder and CEO Sriharsha Majety received nearly $200 million worth of stock, potentially increasing his stake in the company by 2.2-2.5%. - Other recipients of stock options include co-founders Nandan Reddy and Phani Kishan Addepalli, CFO Rahul Bothra, CTO Madhusudhan Rao, food marketplace CEO Rohit Kapoor, and Swiggy Instamart CEO Amitesh Jha. - The stock options have a vesting period of one to eight years and may be subject to valuation changes after the IPO. - Swiggy's IPO filing saw a fresh issue component initially sized at $450 million, which may expand to $600 million. - Similar stock-based compensation plans have been observed in other tech startups like Zomato, Paytm, Freshworks, Delhivery, and PB Fintech prior to their IPOs.

Ashwini Vaishnaw will be guest of honour at ET Startup Awards

Economic Times

Economic Times · 1y ago

Ashwini Vaishnaw will be guest of honour at ET Startup Awards

Union minister Ashwini Vaishnaw will be the guest of honour at the 10th edition of The Economic Times Startup Awards. The event, held on October 5th in Bengaluru, celebrates India's entrepreneurial excellence. Vaishnaw, who oversees the ministries of railways, information and broadcasting, electronics and IT, has played a key role in the government's initiatives such as Make in India and responsible AI development. The event will feature prominent founders, investors, and policymakers, highlighting India's thriving startup ecosystem. Past editions of the awards have recognized successful startups like Zomato, Swiggy, Freshworks, Delhivery, Zerodha, and Razorpay.

Freshworks: Girish Mathrubootham hands CEO reins to Dennis Woodside

The Arc Web

The Arc Web · 1y ago

Freshworks: Girish Mathrubootham hands CEO reins to Dennis Woodside

Freshworks founder and CEO, Girish Mathrubootham, is transitioning to the role of Executive Chairman, while current President, Dennis Woodside, has been named the new CEO. The announcement was made after market hours, leading to a 25% drop in Freshworks' share price in the aftermarket. The change allows Mathrubootham to focus more on product teams and customers, while remaining involved in strategic decisions. Freshworks also recently announced its acquisition of Device42 for $230 million in cash, expanding its IT services management business.

Broadcom CEO compensation more than doubles to $162 million in 2023

Economic Times

Economic Times · 1y ago

Broadcom CEO compensation more than doubles to $162 million in 2023

Broadcom CEO Hock Tan's annual compensation more than doubled to $161.8 million in 2023, with stock awards of $160.5 million driving the increase. This marks a significant jump from his 2022 pay of $60.6 million. Broadcom recently completed its $69 billion acquisition of VMware, after obtaining regulatory approval in China. The chipmaker reported revenue of $35.82 billion in 2023, and its stock has performed well, rising 17% in 2024.

Freshworks hires ex-Dropbox exec as CEO, founder Mathrubootham to be chairman

VCCircle

VCCircle · 1y ago

Freshworks hires ex-Dropbox exec as CEO, founder Mathrubootham to be chairman

CRM software maker Freshworks has appointed Dennis Woodside as its new CEO, with founder Girish Mathrubootham becoming the executive chairman. Woodside, who previously held leadership positions at Impossible Foods, Dropbox, and Motorola Mobility, joined Freshworks in 2022 as president. The company's shares fell by around 21% following the announcement. Freshworks, which went public on Nasdaq in 2021, has forecast second quarter revenue between $168 million and $170 million, below market estimates.

Leading Public Company Harder Than Private Firm: Zoho’s Vembu

Inc42 · 1y ago

Leading Public Company Harder Than Private Firm: Zoho’s Vembu

In a recent post, Zoho CEO Sridhar Vembu expressed his belief that leading a public company is much harder than running a private one. He highlighted the pressure of managing a public company's stock price and the potential for employee burnout and attrition. Vembu's comments came after the CEO of Freshworks, Girish Mathrubootham, stepped down. Zoho continues to remain a profitable, privately-owned company, allowing them to focus on long-term critical projects and growth without pushing employees too hard. Vembu's words sparked a discussion about the benefits and downsides of going public.

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