Google parent executive sells $ 77 million in stock for sexual harassment

US Securities and Exchange Commission on January 2, David Drummond, chief legal officer of Alphabet, the Google parent company being investigated for allegations of sexual misconduct, sold off $ 77 million in company stock, including all Class A shares he owned.

According to a CNBC report on January 3, Drummond sold a total of 28,000 Class A and C shares. He still owns more than 67,000 Class C shares, valued at about $ 92 million on the day. Sales of these stocks are pre-arranged.

Alphabet owns 3 types of shares. Class A-shares have one vote per share. Class C shares do not have voting rights. Class B shares are mainly owned by the founder’s Page and Brin. Each share has 10 votes. As of April 2019, Drummond has 12,500 Class B shares.

According to the above report, this is the third consecutive month that Drummond has sold a lot of stocks. In November and December 2019, he sold $ 70 million worth of stocks. The stock sale in December happened to be Google co-founder Larry Pay Before Larry Page and Sergey Brin announced their departure. Documents also show that throughout 2018, Drummond also sold $ 70 million worth of stock.

Alphabet did not immediately respond to a request for comment.

Drummond is an 18-year veteran of the company. He was one of the company’s executives suspected of inappropriate sexual behavior in a shareholder lawsuit against Alphabet.

At the end of 2019, the Alphabet board launched an investigation to address allegations of misconduct within the company. According to the New York Times in November 2019, Drummond has been accused of having an extramarital relationship with a woman who works for him, while he also recently married another woman in Google’s legal department.

In August 2019, a former senior contract manager at Google’s legal department, Jennifer Blakely published an article on Medium describing her relationship with Drummond, and claimed that she was convicted after giving birth to a boy and could no longer cover the relationship. Forced to leave. Blakely also mentioned that after she broke up with Drummond, Drummond continued to have extramarital affairs with others in the company. In response, Drummond claims that he has never had an emotional relationship with “anyone who works at Google or Alphabet.”

Between 2018 and 2019, Alphabet shareholders initiated several civil lawsuits against the company’s board of directors, alleging that the company shielded executives from sexual harassment, paid them high severance payments, and covered the reasons for leaving.

According to the New York Times at the time, Andy Rubin, a former Google executive and known as the “Father of Android”, received a $ 90 million severance payment despite facing credible allegations of sexual harassment. The report triggered a global strike of as many as 20,000 Googlers in November 2018, protesting a workplace culture that they deemed unsafe for women.

In October 2018, Google CEO Sundar Pichai stated that within two years, Google had fired 48 people over harassment allegations and that they had never received severance pay.

Leave a Reply

Your email address will not be published. Required fields are marked *