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SushiSwap ‘Head Chef’ Pay Package Sparks Concern

SushiSwap ‘Head Chef’ Pay Package Sparks Concern

A new governance protocol has nominated Jonathan Howard as the new CEO or ‘Head Chef’ at  SushiSwap.

New Head Chef Nominated

Decentralized exchange (DEX) SushiSwap has announced the nomination of Jonathan Howard as the Head Chef, which is the official title given to the protocol’s chief executive officer. The nomination was announced on Tuesday via a governance post written by Sushi contributor JiroOno. The announcement read, 

“We’ve sourced the candidate we believe represents the best option for Sushi and are now looking to present this candidate to the Sushi community.”

Currently, the seventh largest DEX, SushiSwap, is going through a heat check poll for the Head Chef nomination. At the time of writing, 65% of the 40 votes cast favor hiring Howard as the Head Chef. A positive poll outcome and a successful forum call will pave the way for a snapshot vote where SUSHI holders will get the final say on the hire. 

Community Mostly Welcoming

The protocol has been searching for a new leader since the former Head Chef 0xMaki stepped down in September 2021. Howard, who is the current co-founder and CTO at NFT firm BigHeadClub, could be the next to step into the role. As the Head Chef, he would have to manage day-to-day operations and lead delivery efforts of both pending and new products at Sushi. The overall community feedback has been largely positive regarding Howard’s nomination, matching the heat check poll. However, there have been some detractors who have questioned his lack of DeFi experience.

Heavy Package Is Concerning

The nomination has also sparked conversation around the proposed salary for the position. If hired, Howard would earn an annual base salary of $800,000 in USDC, further token incentives of 600,000 SUSHI tokens vested for four years with a six-month cliff, and a one-time bonus of 350,000 SUSHI tokens. Members have claimed that it is beyond the Sushi budget, as the treasury is worth $19.4 million. The Head Chef will also receive 1.2 million SUSHI incentives once the token price hits certain targets between $3-$11. He will also be entitled to a 24-month severance package along with the above incentives if he is terminated. Community members have questioned where the funds will come from since the head chef is eligible to receive $8.35 million in just bonuses if Sushi crosses $11.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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