Datto’s 5 Most Highly Compensated Executives In 2021
Joseph F. Kovar
In total, Datto’s top five named executive officers received total compensation of just under $4 million in 2021.
Datto’s Five Most Highly Compensated Executives
Datto was founded by Austin McChord in the basement of his parents’ home in 2007, when he built the first model of his data backup appliance using Lego parts. So perhaps it is no surprise the company keeps expenses under control. That seems to be the case with its executive compensation, where the total compensation of the company’s top five named executive officers was just under $4 million. For comparison, Amazon CEO Andy Jassy received $213 million in total compensation in 2021.
Datto, which in late 2020 went public with the stock ticker symbol “MSP,” which also happens to represent the market it serves exclusively, did well in fiscal year 2021, which ended Dec.31. The Norwalk, Conn.-based company reported total year-over-year revenue growth of 19 percent to $618.7 million thanks to 19 percent growth in subscription revenue and 21 percent growth in annual recurring revenue. Net income for the year rose 129 percent to $51.4 million.
Industry reports, meanwhile, have said that Datto may be considering a possible sale of the company after it received interest from private equity firms.
Here is a look into how top executive compensation at Datto changed over the year.
5. Chris McCloskey
Chris McCloskey became chief customer officer in September 2020 after nearly two years serving as the company’s customer experience officer.
McCloskey’s total compensation for 2021 included a base salary of $405,000, non-equity incentive plan compensation of $228,141 and other compensation of $13,050.
In 2020, McCloskey’s total compensation was $655,806, which means it actually fell between 2020 and 2021.
4. Sanjay Singh, CRO
Singh became Datto’s CRO in January 2020 after serving about eight months as the company’s chief sales officer. Prior to that, he spend a year as COO of Unbxd.
His base salary of $405,000, non-equity incentive plan compensation of $228,141 and other compensation of $13,050 were exactly the same as those of Petrocelli, as was the total compensation of $646,191. This was down from Singh’s total 2020 compensation of $4.64 million, which included stock awards that year of $4.03 million.
3. Bob Petrocelli, CTO
Petrocelli started as Datto’s CTO in July 2019 after serving five years as a senior software architect at Oracle.
Petrocelli for 2021 received a base salary of $405,000, non-equity incentive plan compensation of $228,141 and other compensation of $13,050 for a total of $646,191. This was down significantly from his 2020 compensation of $4.66 million, which reflected stock awards of $4.03 million.
2. John Abbot, CFO
Abbot became Datto’s CFO in March 2020 after a nearly four-year stint as CFO of Cumulus Media and before that serving as CFO of several companies for over a decade.
Abbot in 2021 received a base salary of $600,000, non-equity incentive plan compensation of $337,987and other compensation of $13,050, giving him total compensation for the year of $951,037, which was about 14 percent less than that of Weller. However, that compensation pales in comparison to the $11.65 million Abbot received in 2020, which reflected option awards of $10.81 million that he received when he joined Datto.
1. Tim Weller, CEO
Weller joined Datto in 2017, serving as the company’s president, COO and CFO before replacing McChord as CEO in 2019.
Weller for 2021 had a base salary of $700,000, up from $600,000 the year before. He also received non-equity incentive plan compensation of $394,310 as a bonus and other compensation of $13,050, reflecting matching contributions Datto made to his 401k plan. That gave Weller total 2021 compensation of $1,107,369, which was up about 16 percent over the $956,100 he received for 2020. However, it was down substantially from his 2019 compensation of $3.6 million when he received option awards of $2.7 million as he took over as CEO.