Pankaj Sharma
About Pankaj Sharma
Pankaj Sharma, 39, is Remitly’s Chief Business Officer (CBO) since February 2024; he joined Remitly in January 2018 and previously served as EVP, International and EVP, Global Remittance Business Management (from October 2022) . He holds a B.Tech in Chemical Engineering from IIT Bombay and an MBA from London Business School . Company operating metrics during 2024: active customers grew to 7.8 million (+32% YoY), send volume reached $54.6 billion (+38% YoY), and revenue was $1.264 billion (+34% YoY) . In the company’s pay-versus-performance disclosure, Remitly notes it does not use financial performance measures to determine executive compensation; equity is emphasized for long-term alignment .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Remitly | Chief Business Officer | Feb 2024–present | Executive leadership of global business |
| Remitly | EVP, Global Remittance Business Management | Oct 2022–Feb 2024 | Led global remittance business management |
| Remitly | Various leadership roles incl. EVP, International | Jan 2018–Oct 2022 | Business management leadership |
| Lebara Mobile Limited | Various roles | Pre-2018 | Telecom operating experience (biography) |
| KPMG LLP; The Louis Berger Group; Ernst & Young LLP | Consulting roles | Pre-2018 | Strategy/consulting experience (biography) |
External Roles
No external public-company directorships are cited in the NEO biography for Sharma .
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | 305,556 | 316,033 (includes $18,485 vacation payout and GBP salary conversion) |
| Bonus ($) | — | — |
| All Other Compensation ($) | 7,444 (includes discretionary pension contributions) | 187,130 (includes $171,610 relocation + $12,778 pension + HSA/401(k)) |
- Policy: Remitly does not provide annual cash bonuses or non‑equity incentive plans; equity is the primary incentive .
- Executive base salary framework: maximum $290,000; while located in the UK, Sharma’s 2024 salary was £240,004 (equivalent $297,548 using GBP/USD 1.2516 at Dec 31, 2024) .
Performance Compensation
| Incentive Type | Metric | Weighting | Target | Actual/Payout | Vesting |
|---|---|---|---|---|---|
| RSUs (service-based) | None (no PSU/TSR metrics) | N/A | N/A | N/A | Multi-year, service-based schedules (see table below) |
| Stock Options (legacy grants) | None (service-based) | N/A | N/A | N/A | Service-based monthly vesting per grant terms |
- Company states it does not use financial performance measures to link “compensation actually paid” to performance; equity is emphasized for alignment and retention .
RSU Grants and Vesting Schedules (Sharma)
| Grant Date | Shares | Vesting Schedule | Notable Dates |
|---|---|---|---|
| 4/25/2022 | 22,144 | Vested 1/6 on Nov 25, 2023; then 1/6 each quarter thereafter | Nov 25, 2023 first tranche |
| 4/29/2023 | 124,994 | Will vest 1/4 on May 25, 2025; then 1/4 each quarter thereafter | May 25, 2025 first tranche |
| 4/29/2023 | 7,629 | Vested 1/4 on May 25, 2024; then 1/4 quarterly thereafter | May 25, 2024 first tranche |
| 4/16/2024 | 6,174 | Will vest 1/4 on May 25, 2025; then 1/4 each quarter thereafter | May 25, 2025 first tranche |
| 4/16/2024 | 262,336 | Will vest 1/8 on May 25, 2026; then 1/8 each quarter thereafter | May 25, 2026 first tranche |
- Fiscal 2024 RSU vesting realized: 125,051 shares; $2,199,960 value on vesting dates .
- Fiscal 2024 plan-based RSU grant: 268,510 shares; $4,900,308 grant-date fair value .
- Fiscal 2023 plan-based RSU grant: 209,870 shares; $3,632,849 grant-date fair value .
Options (Outstanding and Terms)
| Grant Date | Exercisable (#) | Unexercisable (#) | Strike ($) | Expiration |
|---|---|---|---|---|
| 2/2/2018 | 7,500 | — | 1.70 | 2/2/2028 |
| 8/31/2018 | 32,500 | — | 1.70 | 8/31/2028 |
| 12/30/2019 | 1,000 | — | 2.51 | 12/30/2029 |
| 4/22/2020 | 5,833 | — | 2.00 | 4/22/2030 |
| 4/22/2020 | 11,667 | — | 2.00 | 4/22/2030 |
| 4/22/2021 | 39,999 | — | 6.55 | 4/22/2031 |
| 4/22/2021 | 70,000 | 10,000 | 6.55 | 4/22/2031 |
- Example vesting footnotes: options vest monthly in fixed fractions; see award-specific footnotes in proxy .
Equity Ownership & Alignment
| Ownership Metric | Value |
|---|---|
| Beneficial Ownership (as of 3/31/2025) | 386,691 shares; <1% of outstanding (base: 203,825,893 shares) |
| Unvested RSUs (counts by grant at 12/31/2024) | 22,144; 124,994; 7,629; 6,174; 262,336 |
| Options – Exercisable | See above (most fully exercisable; one grant has 10,000 unexercisable) |
| Shares Pledged | No pledges disclosed for Sharma; company permits pledging only with pre‑approval (eligible directors) |
| Hedging Policy | Hedging of company stock prohibited for directors, officers, employees |
| Ownership Guidelines | Not disclosed in proxy for executives |
Insider selling setup: Sharma adopted a Rule 10b5-1 plan on November 11, 2024 to sell up to 70,000 shares; plan terminates when all shares are sold or on March 31, 2026 .
Employment Terms
| Scenario | Cash Compensation ($) | Health Care Benefits ($) | Equity Acceleration ($) |
|---|---|---|---|
| Termination outside change-in-control (CIC) period | 145,000 | 10,954 | — |
| Termination within CIC period | 290,000 | 21,907 | 9,713,562 |
- Agreements provide “double-trigger” CIC protection: within CIC period, NEOs receive 12 months base salary, 100% annual target bonus (if applicable), up to 12 months of COBRA premiums, and 100% acceleration of unvested equity; outside CIC, 6 months base salary, up to 6 months COBRA, and (for CEO only) partial equity acceleration .
- Employment terms: offer letter provides base salary, eligibility for benefits, at‑will employment, no fixed term .
Multi‑Year Compensation Summary (Sharma)
| Metric | 2023 | 2024 |
|---|---|---|
| Salary ($) | 305,556 | 316,033 |
| Bonus ($) | — | — |
| Stock Awards ($) | 3,632,850 | 4,900,308 |
| Option Awards ($) | — | — |
| Non-Equity Incentive ($) | — | — |
| All Other Compensation ($) | 7,444 | 187,130 |
| Total ($) | 3,945,850 | 5,403,470 |
Compensation Structure Analysis
- Equity-heavy design: No annual cash bonuses; equity grants (RSUs and options) are the primary incentive to align with shareholders and support retention .
- 2024 vs 2023: Stock award grant value increased (from $3.63M in 2023 to $4.90M in 2024), with a significant relocation package reflecting role transition to CBO and geographic move .
- Peer benchmarking: T&C Committee uses a peer group (e.g., AFRM, BILL, FLYW, PAYO, MQ, SOFI, etc.) to assess competitiveness; 2024 say‑on‑pay approval was ~98% .
- Governance checks: Hedging prohibited; pledging restricted; no CIC excise tax gross‑ups; multi‑year vesting; double‑trigger CIC structure .
Risk Indicators & Red Flags
- Insider selling plan: 10b5‑1 plan to sell up to 70,000 shares through March 31, 2026 may create periodic supply; monitor Form 4s for executions .
- Tax gross‑ups: Relocation included a supplemental tax “gross‑up”—shareholder‑unfriendly in parachutes, though here limited to relocation .
- Pledging/hedging: Company policy restricts pledging (pre‑approved directors only) and prohibits hedging, reducing misalignment risk .
Expertise & Qualifications
- Education: B.Tech, IIT Bombay; MBA, London Business School .
- Domain experience: Telecom (Lebara) and strategy/consulting (KPMG, Louis Berger, EY); global remittance leadership since joining Remitly .
Compensation Committee Analysis
- T&C Committee members: Bora Chung (Chair) and Laurent Le Moal; independent, oversee executive compensation policy, peer benchmarking, and equity plan administration .
- Independent consultant: Compensia engaged by T&C Committee for peer group selection and market pay analysis (2023) .
Employment & Severance Economics (Detail)
- Outside CIC: 6 months’ base salary and up to 6 months COBRA; Sharma’s illustrative amounts at 12/31/2024 were $145,000 cash and $10,954 COBRA; no equity acceleration .
- Within CIC: 12 months’ base salary, 100% annual target bonus if applicable, up to 12 months COBRA, and 100% acceleration of unvested equity; Sharma’s illustrative amounts: $290,000 cash, $21,907 COBRA, $9,713,562 equity .
Equity Ownership Detail (as of 12/31/2024)
| Category | Detail |
|---|---|
| Unvested RSUs | 22,144; 124,994; 7,629; 6,174; 262,336 (market value based on $22.57 at 12/31/2024 shown in proxy) |
| Options outstanding | Multiple legacy grants; majority fully exercisable; one with 10,000 unexercisable (strike $6.55) |
Investment Implications
- Alignment and retention: Large multi‑year, service‑based RSU overhang and double‑trigger CIC acceleration support retention; beneficial ownership <1% but sizeable unvested grants align long‑term incentives with stock price .
- Selling pressure: A pre‑set Rule 10b5‑1 plan for up to 70,000 shares through March 2026 could intermittently add supply; monitor filings around vest dates (notably quarterly RSU tranches) .
- Pay-for-performance: Absence of annual cash incentives and reliance on equity means realized pay is driven by stock performance; 2024 revenue growth (+34%) and customer/send volume expansion are constructive for equity realization .
- Downside protections: No CIC tax gross‑ups; hedging prohibited; pledging restricted—reduces misalignment and shareholder‑unfriendly practices .