Mikael Cho
About Mikael Cho
Mikael Cho is Senior Vice President and CEO of Unsplash at Getty Images, responsible for Unsplash’s strategy and operations; he co-founded Unsplash in 2013 and has served as its CEO since inception. He is 39 years old and previously held co-founder and leadership roles in digital and creative-sector companies including Crew, Uber Foundry, and WHYNOTBLUE Digital Agency . Company performance over the past three fiscal years shows modest revenue growth and relatively flat EBITDA.
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenue ($USD) | $926,244,000 | $916,555,000 | $939,287,000 |
| EBITDA ($USD) | $294,877,000* | $262,480,000* | $263,589,000* |
*Values retrieved from S&P Global.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Unsplash | Co-Founder & CEO | Since 2013 | Built a globally accessible image platform; scaled content availability |
| Crew | Co-Founder/Leader | Not disclosed | Marketplace for creative talent; digital ecosystem building |
| Uber Foundry | Co-Founder/Leader | Not disclosed | Digital design studio; product and UX execution |
| WHYNOTBLUE Digital Agency | Co-Founder/Leader | Not disclosed | Agency operations and creative services |
External Roles
No external directorships or public company board roles disclosed for Mikael Cho .
Fixed Compensation
Not disclosed for Mikael Cho. Getty Images is an emerging growth and smaller reporting company and only discloses compensation for Named Executive Officers (NEOs), which do not include Cho . Company-wide policies relevant to executive compensation governance:
- Anti-hedging and anti-pledging: Directors and officers are prohibited from hedging and pledging company stock .
- Clawback policy: Incentive-based compensation recovery policy adopted October 2, 2023 .
Performance Compensation
Company annual bonus design (applies to executives, but individual targets/outcomes for Cho are not disclosed):
| Plan Year | Metric(s) | Weighting | Target/Actual | Payout Treatment | Notes |
|---|---|---|---|---|---|
| 2023 | Revenue; YoY currency-neutral adjusted EBITDA (less capex; before bonus) | 50%/50% | Company measures not met | No annual cash bonus paid to NEOs | Individual component not evaluated due to company results |
| 2024 | Revenue | Not disclosed | Evaluated post-year | Annual bonuses approved for NEOs (amounts shown for NEOs) | Applies to non-sales employees including executives |
Equity vesting framework observed at the company (specific award detail for Cho not in proxy, but the 10-Q shows his RSU/PSU vesting pipeline under a 10b5-1 plan):
- 2023 equity awards for executives: one-third vested March 20, 2024; remainder vests quarterly over two years .
- 2024 RSUs (example grants): vest in four quarterly installments starting March 2026 .
Equity Ownership & Alignment
Stock ownership policies and insider trading framework:
- Anti-pledging, anti-hedging policies apply to officers; pledging of company securities is prohibited .
- Insider trading policy governs executives and household members; standing/limit orders restricted outside properly established 10b5-1 plans .
10b5-1 trading arrangements for Mikael Cho (Q2 2025):
- Cho and spouse adopted a joint Rule 10b5-1 plan effective September 12, 2025; plan provides for sale of up to 53,893 shares (Cho) and 67,898 (spouse), plus net shares from vesting of up to 41,667 PSUs and 41,248 RSUs (Cho) and 20,834 PSUs and 20,624 RSUs (spouse); expires March 26, 2026 .
| Person | Plan Adopted | Shares to be Sold | RSU Net Shares | PSU Net Shares | Plan Expiration |
|---|---|---|---|---|---|
| Mikael Cho | Jun 13, 2025 (effective Sep 12, 2025) | Up to 53,893 | Up to 41,248 | Up to 41,667 | Mar 26, 2026 |
| Spouse (joint plan) | Jun 13, 2025 (effective Sep 12, 2025) | Up to 67,898 | Up to 20,624 | Up to 20,834 | Mar 26, 2026 |
Recent Form 4 activity (examples):
- Non‑discretionary sales to cover tax withholding pursuant to prior 10b5‑1 instructions; earliest transaction date Sep 24, 2025; Form 4 notes plan adoption in March 2023 award agreements .
- Open‑market sales executed under 10b5‑1 plan adopted Jun 13, 2025; multiple trades at weighted‑average prices roughly $1.97–$2.15 in Sep–Oct 2025 .
Compliance with stock ownership guidelines: The Compensation Committee maintains executive stock ownership guidelines; individual compliance levels for Cho are not disclosed .
Employment Terms
- Individual employment agreement terms, severance multiples, and change‑of‑control specifics for Cho are not disclosed in the proxy. NEO employment agreements provide 1.5x salary and target bonus (2.0x for CEO) plus continued health benefits upon termination without cause or for good reason; vesting and change‑in‑control treatment governed by equity plan documents .
- Indemnification agreements are in place for directors and executive officers .
- Incentive compensation clawback policy adopted Oct 2, 2023 .
- Anti‑hedging and anti‑pledging enforced company‑wide .
Related Party Transactions
| Related Person | Role | Year | Compensation |
|---|---|---|---|
| Stephanie Liverani (spouse) | Vice President & Co‑Founder, Unsplash | 2024 | ~$265,000 base; ~$234,000 cash bonus |
| Stephanie Liverani (spouse) | Vice President & Co‑Founder, Unsplash | 2023 | ~$257,000 base; ~$114,000 cash bonus |
| Christopher Liverani (brother‑in‑law) | Brand Partnerships Executive | 2024 | ~$206,000 base; ~$323,000 commissions |
| Christopher Liverani (brother‑in‑law) | Brand Partnerships Executive | 2023 | ~$110,000 base; ~$218,000 commissions |
The company states compensation was set under standard practices for similarly situated employees and that both individuals participated in standard benefit programs .
Compensation Committee & Say‑on‑Pay
- Committee: Brett Watson (Chair), Chinh Chu, Hilary Schneider .
- Independent consultant: Compensia, Inc. (executive and director compensation advisory) .
- EGC status: Getty Images is exempt from advisory say‑on‑pay votes, CEO pay ratio, and “pay versus performance” disclosures .
Performance Snapshot (Company-level context)
- FY 2022–FY 2024 revenue: $926.2m → $916.6m → $939.3m .
- FY 2022–FY 2024 EBITDA: $294.9m* → $262.5m* → $263.6m*.
*Values retrieved from S&P Global.
Investment Implications
- Insider selling pressure likely through March 2026 due to Cho’s and spouse’s 10b5‑1 plan that includes sales of existing holdings plus net shares from scheduled RSU/PSU vesting; this could create periodic supply as awards settle .
- Alignment risk from pledging is low due to explicit anti‑pledging policy for officers; hedging is also prohibited, improving pay‑for‑performance alignment quality .
- Related‑party employment within Unsplash (spouse and brother‑in‑law) is disclosed and compensated under standard practices; investors should monitor for evolving related‑party exposure given ongoing roles .
- Company bonus plan emphasis on revenue (2024) and revenue/adjusted EBITDA growth (2023) ties cash incentives to top‑line and operating performance; equity mix includes RSUs/PSUs with multi‑year vesting, supporting retention but contributing to technical selling around vest dates .