Laurent Le Moal
About Laurent Le Moal
Laurent Le Moal, 54, is an independent Class II director of Remitly Global, Inc. (RELY), serving since October 2017 with a current term expiring at the 2026 annual meeting. He is an advisor at Prosus N.V. (since Sept 2023), was CEO of PayU (2016–Sept 2023), previously held senior roles at PayPal (2004–2015), and holds an MBA from London Business School and Masters in International Management from HEC Paris and Bocconi. The board deems him independent under Nasdaq/SEC rules .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| PayU (Prosus/Naspers) | Chief Executive Officer | Jan 2016 – Sept 2023 | Led global payments/fintech operations |
| PayPal Holdings, Inc. | VP & Managing Director (Continental Europe, Russia, Middle East, Africa) and other roles | Sept 2004 – July 2015 | Regional leadership in online payments expansion |
External Roles
| Organization | Role | Tenure | Committees/Notes |
|---|---|---|---|
| Prosus N.V. | Advisor | Since Sept 2023 | Advisory role at global internet investor |
| World Economic Forum | Member, Global Future Council on the Future of Financial & Monetary Systems | Since Oct 2019 | Policy/industry thought leadership |
| Monese Ltd (U.K. digital bank) | Director | Oct 2017 – Apr 2021 | Private company board service |
Board Governance
- Committee assignments: Member, Talent & Compensation (T&C) Committee; committee comprised of two independent directors (Chair: Bora Chung; Member: Laurent Le Moal) .
- Independence: Board has determined all non‑employee directors, including Le Moal, are independent under Nasdaq/SEC rules .
- Attendance and engagement: In 2024, the full Board met 4 times; T&C met 5 times; each director attended at least 75% of Board and committee meetings. Seven of nine directors attended the 2024 annual meeting .
- Board structure: Classified board; Lead Independent Director is Phillip Riese (not chair). Audit & Risk chaired by Margaret Smyth .
- Risk oversight: T&C oversees compensation/succession risks; Audit & Risk oversees financial reporting, compliance, and cybersecurity risk .
Fixed Compensation
| Component | Amount/Terms | Notes |
|---|---|---|
| Annual cash retainer (non‑employee directors) | $40,000 | Effective May 9, 2024; payable quarterly; directors may elect RSUs in lieu of cash (“Fee RSUs”) . |
| Committee fees – T&C | $15,000 Chair; $7,500 Member | Le Moal is a member (eligible for $7,500, subject to RSU election) . |
| Committee fees – Audit & Risk | $20,000 Chair; $10,000 Member | Not applicable to Le Moal . |
| Committee fees – Nominating & Gov. | $10,000 Chair; $4,000 Member | Not applicable to Le Moal . |
| Lead Independent Director fee | +$20,000 | Not applicable to Le Moal . |
2024 Director Compensation Received (for service year ended Dec 31, 2024):
| Name | Fees Earned (Cash) | Stock Awards (Grant-Date FV) | Total |
|---|---|---|---|
| Laurent Le Moal | — | $446,330 | $446,330 |
Note: Directors elected to receive RSUs in lieu of cash in 2024; grant-date fair values per ASC 718 .
Performance Compensation
| Element | Terms | Vesting/Triggers |
|---|---|---|
| Annual RSU Grant (directors) | Value equals $200,000 × years in term remaining (capped at $600,000) | Vests in three equal annual installments beginning at next annual meeting or 1 year post grant; accelerates next tranche upon service end; full vest upon change in control; subject to plan limits ($750k annual cap; $1.0m initial year) . |
| Fee RSUs (in lieu of cash) | Election to receive cash fees as RSUs | Generally vests quarterly over one year or by next annual meeting; change in control terms per plan . |
Performance metrics: No performance‑conditioned elements are disclosed for director compensation; equity awards are time‑based RSUs, not tied to revenue/EBITDA/TSR metrics .
Other Directorships & Interlocks
- Current public company directorships: None disclosed for Le Moal .
- Compensation committee interlocks: None; T&C members are independent and not current/former officers; no reciprocating interlocks with executives at other companies in 2024 .
- Significant shareholder linkage: PayU (Prosus) holds ~18.3% of Remitly; footnote clarifies Le Moal, former PayU CEO, has no voting or dispositive control over PayU’s RELY shares .
Expertise & Qualifications
- Domain expertise: Global payments/fintech operator experience (PayU CEO; senior PayPal roles across EMEA and emerging markets) .
- Education: MBA (London Business School); Master in International Management (HEC Paris); Master in International Management (Bocconi) .
- Board qualification: Brings extensive industry experience; Board cites this as rationale for his directorship .
Equity Ownership
| Holder | Shares Beneficially Owned | % of Outstanding | Breakdown |
|---|---|---|---|
| Laurent Le Moal | 25,910 | <1% | 25,005 common + 905 RSUs vesting within 60 days of 3/31/2025 . |
| Unvested Director RSUs Outstanding (as of 12/31/2024) | 32,287 | — | Outstanding awards balance disclosed at year-end . |
- Hedging/pledging: Company prohibits hedging by directors; pledging only with pre‑approval under guidelines. One director (not Le Moal) disclosed pledged shares; no pledges disclosed for Le Moal .
Governance Assessment
- Alignment: Le Moal elected RSUs over cash in 2024, creating stronger equity alignment; his 2024 director compensation was entirely equity-based ($446,330) .
- Committee influence: As one of two T&C members, he plays a central role in executive/director pay design; the T&C retains an independent compensation consultant and annually reviews peer groups and structure, supporting governance rigor .
- Independence and conflicts: Board affirms his independence; related‑party review policy is robust; no related‑party transactions involving directors were reported since Jan 1, 2024. PayU/Prosus ownership is disclosed with explicit note he has no control over those shares, mitigating interlock concerns .
- Attendance: Met minimum engagement threshold; each director attended at least 75% of meetings; Board/T&C activity levels indicate ongoing oversight (Board: 4; T&C: 5 meetings in 2024) .
- Say‑on‑Pay signal: Shareholders approved 2024 Say‑on‑Pay (for 2023 NEO compensation) with ~98% support, suggesting investor confidence in compensation governance overseen by the T&C .
RED FLAGS and Watch Items:
- Concentrated T&C structure: Two‑member T&C concentrates pay oversight among few directors; continue monitoring independence and process rigor (mitigated by independent consultant and policies) .
- Significant shareholder linkage: Historical executive tie to PayU/Prosus alongside their 18.3% stake warrants ongoing monitoring for potential perceived conflicts, though current disclosures and independence determinations mitigate risk .
- Pledging policy: Company permits pledging with pre‑approval; while no pledge is disclosed for Le Moal, the existence of pledging by another director indicates some residual alignment risk at the board level to monitor .