Saema Somalya
About Saema Somalya
Saema Somalya, 48, is Remitly’s Chief Legal and Corporate Affairs Officer (since August 2024), previously EVP, Legal & Risk and General Counsel; she joined Remitly in December 2020 after senior legal roles at Fifth Third Bancorp, Warren Resources, and PepsiCo. She holds a J.D. from Yale Law School and a B.A. from Yale University, and at the management level oversees enterprise risk together with ERM and the risk committee reporting to the Audit & Risk Committee . Company performance context for her tenure: FY2024 revenue was $1.264B (+34% YoY), send volume was $54.6B (+38% YoY), and Q4 2024 active customers reached 7.8M; cumulative TSR from IPO to 12/31/2024 was $47 on a $100 initial investment, with FY2024 GAAP net loss of $(36.978)M .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Remitly Global, Inc. | EVP, Legal & Risk; General Counsel | Dec 2020–Aug 2024 | Led legal and risk oversight supporting growth and governance |
| Fifth Third Bancorp / Fifth Third Bank, N.A. | SVP, Deputy General Counsel (Corporate) & Assistant Secretary | May 2016–Nov 2020 | Corporate legal leadership and secretary functions |
| Warren Resources, Inc. | SVP, General Counsel & Corporate Secretary | Feb 2014–Jan 2016 | General counsel and board governance |
| PepsiCo, Inc. | Senior Legal Director & Corporate Counsel | Apr 2009–Jan 2014 | Corporate legal responsibilities at a global enterprise |
External Roles
- No public company board or external director roles disclosed in the 2025 proxy bio for Ms. Somalya .
Fixed Compensation
| Element | Disclosure for Saema Somalya | Company Policy/Context |
|---|---|---|
| Base salary | Not disclosed for Ms. Somalya in proxy | Maximum base salary for executives set at $290,000 in 2024 (NEOs at $290,000, with UK exception); policy context only |
| Target bonus % | Not disclosed for Ms. Somalya | Company does not provide annual cash bonuses or maintain non‑equity incentive plans; equity is a significant portion of executive pay |
| Actual bonus | Not applicable under policy | No annual cash bonus program for executives |
| Perquisites | Not disclosed for Ms. Somalya | Limited perquisites for NEOs; no special health/welfare benefits vs broad-based programs |
| Retirement/Deferred | Not disclosed for Ms. Somalya | No executive retirement plans or non‑qualified deferred compensation plans; NEOs eligible for 401(k) same as employees |
Performance Compensation
| Incentive Type | Metric(s) | Weighting/Target | Actual/Payout | Vesting |
|---|---|---|---|---|
| Annual cash incentive | None | N/A | N/A | N/A (Company does not use annual cash bonuses) |
| RSU awards | Time-based vesting (no disclosed performance metric linkage) | Not applicable | Realized value depends on stock price at vest | Company schedules used in 2024 include: 1/4 initial vest then quarterly; and 1/8 initial vest then quarterly (examples from NEO awards) |
| Stock options | Time-based vesting (monthly or scheduled tranches) | Not applicable | Value realized on exercise equals market price minus strike | Company option vesting examples include monthly tranches over multi-year periods |
| Pay-for-performance linkage | TSR, net income disclosed for “pay vs performance” table | Company does not use financial performance measures to link compensation actually paid | N/A | N/A |
Note: No individual grant details (RSUs/options) for Ms. Somalya are disclosed in the proxy. Company-wide design emphasizes multi‑year vesting, equity-heavy compensation, and no annual cash bonus program .
Equity Ownership & Alignment
| Item | Ms. Somalya | Company Policy/Context |
|---|---|---|
| Total beneficial ownership | Not disclosed for Ms. Somalya in 2025 proxy tables | Beneficial ownership table lists NEOs, directors, and ≥5% holders; Ms. Somalya not included (she was not an NEO for 2024) |
| Ownership as % of shares outstanding | Not disclosed | Ownership percentages provided for listed individuals only |
| Vested vs unvested shares | Not disclosed | NEO tables show detailed vested/unvested breakdowns; not applicable to Ms. Somalya |
| Options (exercisable/unexercisable) | Not disclosed | NEOs have detailed option schedules; not applicable to Ms. Somalya |
| Hedging policy | Prohibited for directors, officers, and employees | Insider Trading Policy bans hedging transactions |
| Pledging policy | Allowed only with written pre‑approval of the Chief Legal and Corporate Affairs Officer (CL&CAO) and within T&C‑approved guidelines | One director (Joshua Hug) disclosed pledge of 2,000,000 shares as collateral for a line of credit; such pledges require CL&CAO approval under policy |
| Stock ownership guidelines | Not disclosed for executives | Director compensation policy and equity grants disclosed; no executive ownership guideline disclosed in proxy |
Employment Terms
| Term | Ms. Somalya | Company Policy/Context |
|---|---|---|
| Employment start date | December 2020 (joined Remitly) | Current CL&CAO since August 2024 |
| Contract term/at-will | Not disclosed for Ms. Somalya | NEO offer letters specify at‑will, no fixed term (context) |
| Severance | Not disclosed for Ms. Somalya | NEOs have change‑in‑control and severance agreements: double‑trigger with salary, target bonus, COBRA, and 100% equity acceleration during CIC period (Oppenheimer terms differ) |
| Non‑compete / non‑solicit | Not disclosed for Ms. Somalya | Example: Vice Chair transition agreement includes non‑compete/non‑solicit covenants; illustrative of company covenants in senior transitions |
Performance & Track Record
- Governance and risk oversight: At management level, enterprise risk oversight is conducted through the CL&CAO, ERM team, and ERM committee reporting quarterly to the Audit & Risk Committee—placing Ms. Somalya at the center of risk governance .
- Corporate disclosures: Ms. Somalya signs key 8‑Ks and Regulation FD items in her role (e.g., CFO appointment/transition, CAO appointment, director transition, and Reg FD disclosures) .
- Company performance context (FY2024): Revenue $1.264B (+34%), send volume $54.6B (+38%), and Q4 2024 active customers 7.8M; cumulative TSR from IPO to 12/31/2024 at $47; GAAP net loss $(36.978)M .
Compensation Committee Analysis
- Committee composition: Talent & Compensation Committee comprises independent directors (Chair: Bora Chung; member: Laurent Le Moal); responsible for executive compensation policies, equity plans, and overall strategy .
- Consultant: Compensia engaged as independent compensation consultant in 2024; peer group review, equity design, and policy support; assessed as independent and conflict‑free .
- Peer group for NEO compensation benchmarking (2024): Includes Affirm, BILL, Flywire, Payoneer, Shift4, SoFi, Wise, etc. .
- Practices: Multi‑year vesting, no CIC tax gross‑ups, limited perqs, no executive retirement plans; strong say‑on‑pay support (≈98% approval in 2024) .
Related Party Transactions and Risk Indicators
- Related party transactions: None over $120,000 since Jan 1, 2024, other than compensation arrangements disclosed .
- Hedging prohibited; pledging permitted with CL&CAO pre‑approval per guidelines; one director has pledged 2,000,000 shares (monitor pledge‑related risk) .
- Section 16 compliance: Two late Form 4 filings noted (Hug and Mehta) .
Company Performance Snapshot (Context)
| Metric | FY 2024 |
|---|---|
| Revenue ($USD Billions) | 1.264 |
| Send Volume ($USD Billions) | 54.6 |
| Q4 Active Customers (Millions) | 7.8 |
| Cumulative TSR ($ per $100 since IPO to 12/31/2024) | 47 |
| GAAP Net Loss ($USD) | (36,978,000) |
Investment Implications
- Alignment and incentives: As CL&CAO, Ms. Somalya is the gatekeeper for stock pledging approvals, creating strong governance control over potential insider liquidity levers; hedging is prohibited, and equity compensation at the company is time‑based and multi‑year—aligning executives to stock performance but potentially creating periodic selling pressure as RSUs vest .
- Retention risk: Absence of annual cash bonus and reliance on equity suggests retention leans on ongoing equity grants and vesting schedules; monitor any future disclosures of her individual equity awards or severance terms to assess retention economics .
- Trading signals: Watch Form 4s for any future equity grants, vesting, or sales by Ms. Somalya; pledging approvals flow through her office—monitor for new pledges by insiders which may indicate liquidity needs or leverage risk .
- Governance confidence: Strong say‑on‑pay support (≈98%) and independent T&C processes (Compensia; peer benchmarking) support pay governance; enterprise risk oversight centralized through the CL&CAO enhances disclosure controls and risk monitoring .
- Performance backdrop: Robust FY2024 growth (revenue +34%, send volume +38%) contrasts with negative GAAP net income and depressed cumulative TSR, reinforcing the importance of equity‑heavy, long‑term incentives and vigilant risk oversight for sustaining value creation .