SushiSwap is a decentralized cryptocurrency exchange that has voted to lower the salary of its CEO. This proposal will lower the base salary to 800,000. It will also reduce the amount of SUSHI that is available for its bonus incentives. A community vote will also be held to determine who will become the Head Chef.
The governance community of SushiSwap, a decentralized crypto exchange, has voted to lower the compensation for its chief executive position (or “Head chef” in its parlance).
The initial proposal from SushiSwap stated that the Head Chef position was compensated with 800,000 USDC base salary and 600,000. vested SUSHI tokens as well as additional incentives.
Community opposition to the initial proposal and its bonus incentives was strong. The first line of the revised proposal reflected this concern. The community expressed concerns about incorporating both compensation and candidate together into one proposition,” states the text of the proposal shared by Tangle, community lead.
This separation would allow the community to have more freedom to agree on the compensation without having the need to vote against it.
Initial incentives included price targets incentives for new hires, which, if kept over a year, would surpass $10 million.
Today’s new incentive structure will lower the base salary to 500,000 US Dollars. The incentive structure will also see a reduction in the amount of SUSHI tokens from 1.2 million to one million tokens.
The most contentious point was the vote to maintain the current price ranges. However, it passed with a 53%-47% split between the 40 voters.
To ensure alignment within the community, the community will vote on the new hire already confirmed.
Jon Howard was the original proposal for the Head Chef position. He won the previous vote. SushiSwap is holding a second poll to determine Jon Howard’s nomination to the Head chef role. This could be alongside other candidates.
SushiSwap was looking for a new Head Chef after Maki’s departure in September 2021. DeFiLlama reports that the exchange has $661 million of total locked value at press time.