Adam Singolda
About Adam Singolda
Adam Singolda, age 43, is Taboola’s Founder and CEO and has served as a director since 2007. He studied Computer Science at The Open University of Israel and spent 6½ years in an advanced cyber technology unit of the Israel Defense Forces as an R&D engineer and manager, graduating from the IDF officers’ academy with honors . Company performance in 2024 improved materially: revenue rose to $1,766.2M from $1,439.7M (+22.7%), ex-TAC gross profit to $667.5M from $535.8M (+24.6%), and adjusted EBITDA to $200.9M from $98.7M (~+103%) . Since 6/30/21, the year-end value of $100 invested in TBLA was $35.27 in 2024 versus $41.84 in 2023, reflecting TSR headwinds in 2024 on that measurement basis .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Israel Defense Forces (advanced cyber tech unit) | R&D engineer and manager; graduated IDF officers’ academy with honors | ~6.5 years | Technical leadership in cyber and software; foundational engineering experience later applied to adtech |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| K Health | Board member; co-founder (2016) | Since 2016 | Healthtech governance and network; cross-industry insights that can inform data-driven product strategy |
Fixed Compensation
| Component | 2024 Amount | Notes |
|---|---|---|
| Base Salary | $590,000 | CEO base; unchanged YoY |
| Director Compensation | $0 | Not compensated for his role as a director |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout (% of Target) | Result for Singolda |
|---|---|---|---|---|---|
| Adjusted EBITDA | 70% | $201.2M | $200.9M | 100% | Contributed to overall 97% payout |
| ex-TAC Gross Profit | 30% | $689.6M | $667.5M | 92% | Contributed to overall 97% payout |
| Overall Short-Term Bonus | — | $590,000 | — | 97% | $574,276 cash payout |
| Long-Term Incentive | Grant Date | Form | Grant-Date Value | Shares/Units | Vesting |
|---|---|---|---|---|---|
| Annual equity (CEO) | 2/27/2024 | Time-based RSUs | $6,662,742 | 1,390,969 | Equal quarterly installments over 4 years |
| One-time performance cash (Yahoo execution) | 2023–2024 performance | Cash | — | — | Paid $2,604,000 based on 93% achievement of Adjusted FCF/share target ($0.41) |
Key program design notes:
- Annual short-term plan metrics: 70% Adjusted EBITDA, 30% ex-TAC Gross Profit; payouts capped at 150% .
- RSUs are the sole annual equity vehicle; quarterly vesting over 4 years; committee evaluating adding performance-based equity in future cycles .
- “Pay-for-performance” governance includes clawback, anti-hedging/anti-pledging, capped bonuses, and independent advisor Pearl Meyer .
Equity Ownership & Alignment
| Ownership Measure | Value | Notes |
|---|---|---|
| Beneficial Ownership (shares) | 13,856,859 | Includes 12,416,373 ordinary shares and 1,440,486 underlying vested/settled RSUs or options exercisable within 60 days of 3/27/2025 |
| Ownership (% of outstanding) | 4.7% | Based on 294,819,035 ordinary shares outstanding as of 3/27/2025 |
| Executive Ownership Guideline | 5x base salary | CEO guideline; met/exceeded as of 3/27/2025 |
| Shares pledged as collateral | Prohibited | Company anti-pledging policy prohibits pledging; insider trading policy also prohibits hedging |
Outstanding equity (as of 12/31/2024):
- Options: 988,094 exercisable and 449,135 unexercisable at $8.21 strike; TBLA closing price $3.65 on 12/31/2024 → options out of the money at year-end .
- RSUs not yet vested: 449,135 (2021), 863,781 (2023), 1,130,162 (2024) with aggregate market values shown at $3.65 close .
Vesting and realized value (2024):
- RSUs vested: 1,004,019 shares; value realized on vesting: $3,821,157 .
- Options exercised: None .
Employment Terms
- CEO compensation framework (subject to Israeli Companies Law approvals): Base salary $590,000; eligible for annual target bonus 50–125% of salary (payout up to 200% of target), and annual equity equal to the greater of 900% of salary or 0.5% of 60-day average market value; special achievement bonus up to 200% of salary; not compensated for director role .
- Proposed 2025 amendment: Increase CEO maximum allowable annual equity cap to the greater of 900% of salary or 1.0% of fair market value at time of grant; Board contemplates <5% YoY increase in 2025 CEO equity grant; binding shareholder approval required under Israeli law .
- Severance/notice: CEO entitled to 12-month notice period; at a hypothetical 12/31/2024 termination, would receive $590,000 salary, $36,000 benefits, $3,981,971 of equity scheduled to vest during the notice period at 12/31/2024 pricing, $3,390,000 cash bonus payments, and $60,000 perquisites .
- Clawback: Mandatory recovery of erroneously awarded incentive compensation following accounting restatements; applies to current and certain former Section 16 officers; no discretion to waive recovery .
- Trading/Hedging/Pledging: Pre-clearance required; trading limited to open windows or approved 10b5-1 plans; hedging and pledging prohibited .
Board Governance
- Role: Director since 2007; not independent; no committee memberships .
- Board leadership: Independent Chair (Zvi Limon), with CEO and Chair roles separated; Board believes separate roles enhance governance and risk oversight .
- Board attendance: Board held 5 meetings in 2024; all incumbents attended ≥75% of Board/committee meetings; Singolda attended the 2024 annual shareholder meeting .
- Director compensation: Non-employee director cash and equity described separately; CEO receives no director pay .
- Say-on-Pay: 2024 advisory vote received ~87% approval .
Director Compensation (for reference; he is not paid as director)
- Non-employee directors received cash retainers and annual RSU grants; each director had 59,172 unvested RSUs vesting 100% on May 1, 2025; CEO not compensated as a director .
Compensation Peer Group (used for benchmarking)
| Peer Group Companies (2024) |
|---|
| Digital Turbine, Inc.; DoubleVerify Holdings, Inc.; Fiverr International Ltd.; Five9, Inc.; Integral Ad Science Holding Corp.; JFrog, Ltd.; Magnite, Inc.; Monday.com Ltd.; New Relic, Inc.; Outbrain, Inc.; Perion Network Ltd.; PubMatic, Inc.; QuinStreet, Inc.; Tremor International Ltd.; Wix.com Ltd.; Yext, Inc.; Zeta Global Holdings Corp. |
Compensation philosophy calibrates annual equity awards between market median and 75th percentile, with Pearl Meyer as independent advisor; no conflicts identified .
Performance & Track Record
| Metric | 2023 | 2024 | Notes |
|---|---|---|---|
| Revenue ($M) | 1,439.7 | 1,766.2 | ~+22.7% YoY |
| ex-TAC Gross Profit ($M) | 535.8 | 667.5 | ~+24.6% YoY |
| Adjusted EBITDA ($M) | 98.7 | 200.9 | ~+103% YoY |
| Net Income (loss) ($M) | (82.0) | (3.8) | Significant improvement YoY |
| TBLA year-end value of $100 invested (since 6/30/21) | $41.84 | $35.27 | On SEC “pay vs performance” basis |
Strategic initiatives: Launch of “Realize” performance platform expanding beyond native advertising (Feb 2025) .
Related Party Transactions and Ownership Landscape
- Yahoo became a principal shareholder effective January 17, 2023; Board includes Yahoo CFO (not independent); Taboola repurchased 6,739,907 Non-voting Ordinary shares from Yahoo through April 21, 2025 under a weekly 10b-18 limit framework . Revenues from Yahoo were $233.6M (~13% of 2024 revenue); TAC to Yahoo was $275.5M; receivables and payables balances significant . No “controlling shareholder” under Israeli law as of the proxy date .
Risk Indicators & Red Flags
- Clawback policy in place; anti-hedging and anti-pledging policies; insider trading controls with pre-clearance and trading windows .
- Option repricing: No indication of option repricing; company states it does not grant options or similar awards with option-like features currently .
- Governance checks: Independent Chair and independent committees; Pearl Meyer engaged; 2024 say-on-pay support ~87% .
- Section 16 compliance: Company reports timely filings in 2024, with one amended Form 3 for another director; no issues cited for Singolda .
Investment Implications
- Pay-for-performance alignment: CEO cash bonus tied to objective financial metrics (Adjusted EBITDA and ex-TAC GP); long-term cash award linked to Adjusted FCF/share drove a $2.6M payout at 93% achievement—direct alignment with cash generation and per-share performance .
- Retention and future equity: 2024 equity grant of ~$6.66M vests quarterly over 4 years; Board seeks to modestly lift the CEO’s annual equity cap to maintain competitive, unvested equity and mitigate retention risk as prior IPO grants fully vest—vote is binding under Israeli law .
- Ownership and alignment: ~4.7% beneficial stake, exceeding 5x salary ownership guideline; options are out-of-the-money at year-end, reducing near-term exercise-driven selling pressure; anti-pledging/hedging policies reduce alignment risks .
- Governance offset to dual role: CEO is not Chair; independent Chair and committees with robust policies (clawback, capped bonuses, benchmarking) mitigate typical CEO/director dual-role concerns; say-on-pay support remains strong .
- Execution signals: 2024 operating metrics improved markedly and Realize platform launch suggests continued strategic evolution; however TSR from the 6/30/21 base remains pressured, warranting scrutiny of equity award growth versus shareholder return .