MongoDB , Inc. (NASDAQ:MDB), a leader in prepackaged software services, announced the results of its Annual Meeting of Stockholders held on Monday. The company, incorporated in Delaware and headquartered in New York, confirmed the election of three Class I directors and the approval of executive compensation in a non-binding advisory vote.
The elected directors, Roelof Botha, Dev Ittycheria, and Ann Lewnes, will serve on the Board of Directors until the 2027 Annual Meeting of Stockholders. Votes for the directors were notably split, with Botha receiving 34,836,881 votes for and 22,488,981 withheld. Ittycheria saw a more favorable outcome with 47,573,234 votes for and 9,752,628 withheld, while Lewnes garnered a strong endorsement with 56,939,656 votes for and only 386,206 withheld. All three faced a significant number of broker non-votes, totaling 9,306,416 each, which did not affect the outcome.
In the advisory vote on executive compensation, stockholders showed substantial support, with 50,508,282 votes in favor, 6,763,044 against, and a mere 54,536 abstentions. The non-binding nature of this vote reflects stockholders' opinions on the company's executive pay policies without immediate effect on current compensation arrangements.
Additionally, the stockholders ratified the appointment of PricewaterhouseCoopers LLP as MongoDB's independent registered public accounting firm for the fiscal year ending January 31, 2025. The decision was nearly unanimous, with 66,045,427 votes for, 518,284 against, and 68,567 abstentions.
These voting outcomes, derived from the company's 8-K filing with the Securities and Exchange Commission, demonstrate shareholder confidence in MongoDB's governance and financial oversight as it continues to navigate the competitive landscape of the technology sector.
InvestingPro Insights
As MongoDB, Inc. (NASDAQ:MDB) navigates its path in the competitive technology sector, its financial health and market performance remain critical for investors. According to real-time data from InvestingPro, MongoDB's market capitalization stands at a robust $18.36 billion. The company's revenue growth is also notable, with a 29.15% increase over the last twelve months as of Q1 2025 and a quarterly revenue growth of 22.34% in Q1 2025, reflecting its business expansion and market penetration.
InvestingPro Tips highlight that MongoDB holds more cash than debt, a sign of financial stability, and analysts predict the company will be profitable this year, indicating potential for positive earnings momentum. It's worth noting, however, that the stock has experienced a significant price drop over the last three months, with a 31.92% decline, which may concern short-term investors but could present a buying opportunity for those with a longer-term outlook.
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