Alphabet Inc. (NASDAQ:GOOG) top lawyer to retire following questions on conduct
David Drummond, the legal chief of Google parent Alphabet Inc. and a company veteran, stepped down following questions about his conduct at the technology giant.
Drummond, 56, will leave on January 31, according to a note he sent colleagues on Friday. The company has not named a replacement, an Alphabet spokeswoman said. She confirmed that Drummond did not receive a pay package on exit. He has been selling millions of dollars in company stock during the past year.
Drummond was Google’s first lawyer and ran the search giant’s legal and corporate development arms for years before shifting to parent company Alphabet in 2015. He played a central role in landmark decisions at the company, such as the right-to-be-forgotten dispute in Europe and the exit from China in 2010. Drummond also oversaw key acquisitions, such as Android and YouTube, and helped set up Alphabet’s prodigious venture capital arms.
Last year, Drummond was accused of having had a relationship with a female employee in the legal department. The woman, Jennifer Blakely, later came forward saying Drummond abandoned her and their child and repeatedly violated rules governing workplace relationships.
Drummond has said the two went through a difficult breakup and that he “never started a relationship with anyone else who was working at Google or Alphabet.” Axios reported in September that Drummond married another Google employee.
Alphabet’s board this year began investigating how misconduct matters were handled. The probe included a look into the behaviour of Drummond. Accusations of misconduct by other senior Google executives sparked criticism that the company hadn’t done enough to reform a culture where powerful men weren’t penalised for inappropriate relationships or sexual misconduct. Thousands of Google employees worldwide walked off the job to protest in November 2018 after a report that Andy Rubin, a former executive, received a $90 million pay package following allegations of sexual harassment. Rubin has denied the allegations.
Drummond’s departure comes after Google Chief Executive Officer Sundar Pichai took the top job at Alphabet, succeeding co-founders Larry Page and Sergey Brin. Since 2015, Drummond has overseen the company’s two investment arms, GV and CapitalG, as well as Jigsaw, a political research division. The spokeswoman said the company has not decided if an executive will oversee those units.
Here is Drummond’s note sent on Friday:
“More than 20 years ago, Larry Page and Sergey Brin first asked me to help them with their unincorporated startup. Of course, that startup would grow to include more than 100,000 employees and make a positive impact on the lives of people around the world. From the beginning, I felt privileged to work with Larry and Sergey to realise their commitment to making information more universally accessible and useful, and was thrilled to join Google full-time in 2002.
“With Larry and Sergey now leaving their executive roles at Alphabet, the company is entering an exciting new phase, and I believe that it’s also the right time for me to make way for the next generation of leaders. As a result, after careful consideration, I have decided to retire at the end of this month.
“As I do so, I’d like to thank everyone with whom I’ve had the privilege to work so closely over the past two decades. Whether we were fighting alongside others around the globe to protect and expand freedom of expression; pressing to make sure copyright law continued to foster openness and creativity; designing an unconventional but dynamic corporate structure that has served Google so well; putting together industry-changing acquisitions that served as the foundation for some of Google’s most popular products; creating and evolving the rules that protect our users; or establishing start-up models to help unleash the potential of our amazing Other Bets: I have always relished the opportunity to work with such talented colleagues.
“In particular, I have loved building and being a part of the legal team: your dedication, drive and leadership in helping digital innovation flourish has been amazing to behold. I have also been energized and deeply impressed by my time with the corporate development, public policy, trust and safety and communications teams, as well as the folks at GV, Capital G and Jigsaw. These groups’ relentless creativity and herculean efforts to further Google’s ambitious mission have been beyond inspiring. I’d also like to thank BGN and all of the company’s employee resource groups, whose tireless efforts continue to make the company better.
“I know this company is in the best of hands, and I am excited for what the future holds for Google, for Alphabet and for me. But, as I move on, I’d like to thank Larry and Sergey and each and every one of you for providing me with the most engaging, challenging and rewarding professional environment that anyone could hope for. I am deeply grateful.”
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the upside.
By the way, prices are vulnerable to a correction towards 1,316.66.
The projected upper bound is: 1,466.98.
The projected lower bound is: 1,399.16.
The projected closing price is: 1,433.07.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 27 white candles and 23 black candles for a net of 4 white candles.
A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 91.5693. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a buy 10 period(s) ago.
Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 75.76. This is where it usually tops. The RSI usually forms tops and bottoms before the underlying security. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 16 period(s) ago.
Commodity Channel Index (CCI)
The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 154.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a buy 6 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 4 period(s) ago.
Rex Takasugi – TD Profile
ALPHABET INC C closed up 9.900 at 1,429.730. Volume was 39% above average (neutral) and Bollinger Bands were 31% wider than normal.
Open High Low Close Volume___
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 1,379.45 1,330.69 1,215.68
Volatility: 22 16 29
Volume: 1,374,450 1,322,822 1,396,420
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
ALPHABET INC C is currently 17.6% above its 200-period moving average and is in an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term. Our volume indicators reflect volume flowing into and out of GOOG.O at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on GOOG.O and have had this outlook for the last 23 periods. Our momentum oscillator is currently indicating that GOOG.O is currently in an overbought condition.