Google’s CLO Has Many Reasons To Be Happy

9Mar/10Off

Google’s CLO Has Many Reasons To Be Happy

We recently heard about how happy CLOs are to be in-house, with 90% of CLOs reporting their contentment to the ACC. That said, some CLOs are definitely happier than others.

Take David Drummond, Google’s chief legal officer, for example. Drummond has lots of reasons to be happy, about $2.233 millions’ worth to be exact. This year, according to an article by Mike Swift of the Mercury News, Drummond earned a base salary of $500,000 – and that’s not all. Drummond received a bonus of $1.733 million.

How Does Drummond’s Compensation Package Compare to Other Executives’ at Google?

According to the Mercury News, Google's founders and CEO drew a $1M base salary in 2010. Other top Google executives received double-digit raises in base salary and bonuses. Is the sky the limit? Not exactly. Google capped its bonuses at $4.5 million for the 2009 fiscal year, according to the SEC filing.

Of course, if Google is being generous with its executive, it’s because the company is enjoying unprecedented profits. Google is one of the few companies in the country that was recession-proof during this crisis. Google reported a record profit of nearly $2 billion for the fourth quarter of 2009, a fivefold increase over the last quarter of 2008.

How Does Drummond’s Compensation Package Compare To Other CLOs’?

While Drummond is being handsomely compensated, he still falls short of the top ten. According to last year’s list of the 100 top-paid general counsels (total cash compensation), Drummond came in 23rd position, earning a total of $1,826,251.

While Google may be a happy place, Walt Disney, known as the “happiest place on earth," lives up to its reputation, especially for Alan Braverman, its CLO, who earned $4,032,885 last year and came in 5th place overall. Who beat out Disney and Google for the top spot? The most highly compensated CLO last year, in terms of cash compensation, was Gregory Doody of Calpine Corporation, who brought home $9,743,621. It is indeed good to be CLO!