Lawrence D'Angelo
DigitalOcean HoldingsAbout Lawrence D'Angelo
Lawrence D’Angelo, age 61, is Chief Revenue Officer (CRO) of DigitalOcean, serving since July 2024; his CRO employment agreement was effective July 18, 2024 and he commenced employment July 22, 2024 . He holds a B.S. in Optical Engineering from the University of Rochester and is a 30-year tech industry veteran noted for scaling revenue-driven organizations . Prior roles include Chief Customer Officer at Rapid7 (Apr 2023–Jul 2024), Executive in Residence at Cove Hill Partners (2020–Apr 2023), and Chief Sales Officer at LogMeIn (Sep 2011–Oct 2019), where he helped grow revenue from ~$100M to ~$1.4B . DigitalOcean’s executive annual bonus metrics are tied to revenue growth and adjusted free cash flow margin; for FY2024 the company achieved $781M revenue and 17% adjusted FCF margin, yielding a 94.8% bonus payout for eligible executives including D’Angelo (pro-rated for his start date) .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Rapid7 | Chief Customer Officer | Apr 2023–Jul 2024 | Led customer success and growth initiatives |
| Cove Hill Partners | Executive in Residence | 2020–Apr 2023 | Advised PE-backed software companies on GTM strategy |
| LogMeIn | Chief Sales Officer | Sep 2011–Oct 2019 | Scaled revenue from ~$100M to ~$1.4B |
| DigitalOcean | Chief Revenue Officer | Jul 2024–Present | Oversees sales, channel, customer success, support, comms to drive growth |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Multiple software companies and PE firms | Senior Advisor | Not disclosed | Advisory roles referenced in appointment release |
Fixed Compensation
| Component | 2024 Value | Notes |
|---|---|---|
| Base salary (as of 12/31/2024) | $425,000 | Per employment agreement and base salary table |
| Salary paid (FY2024) | $188,889 | Pro-rated for midyear start |
| Target bonus % | 100% of base | Pro-rated for 2024 due to start date |
| Target bonus $ (FY2024) | $189,276 | Pro-rated target |
| Actual annual bonus paid (FY2024) | $179,434 | Reflects 94.8% achievement, pro-rated |
| Stock awards (grant-date fair value, FY2024) | $4,115,943 | RSU grants in Aug 2024 |
| All other compensation (FY2024) | $1,634 | As reported |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Revenue growth (FY2024) | 75% | 13.8% (adjusted target) | $781M | 61.7% weighted payout | Cash bonus; no vesting |
| Adjusted Free Cash Flow margin (FY2024) | 25% | 15.3% (adjusted target) | 17% | 33.1% weighted payout | Cash bonus; no vesting |
| Total annual bonus payout (FY2024) | — | — | — | 94.8% of target (eligible execs) | Paid per plan |
| Executive Long-Term Equity Performance Plan | — | Target award value $3,250,000 (eligibility starting 2025+) | — | — | PSU vesting contingent on revenue growth and adjusted FCF margin; payout curves 25–200% and 50–200% respectively |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership (as of 3/14/2025) | No shares reported; less than 1% of outstanding |
| Shares outstanding reference | 91,814,174 shares (basis for % ownership table) |
| Unvested RSUs at 12/31/2024 | 135,840 shares; market value $4,628,069 |
| Stock vested in 2024 | 15,093 shares; value realized $561,916 |
| 2024 RSU grants | 135,840 shares (grant-date fair value $3,704,357); 15,093 shares (grant-date fair value $411,586) |
| Vesting schedules | 25% of the 135,840-share RSU vests on Jun 1, 2025; remaining vests in 12 equal quarterly installments beginning Sep 1, 2025. The 15,093-share RSU vested in two equal installments on Sep 30, 2024 and Dec 31, 2024 |
| Stock ownership guidelines | Minimum ownership: 1x base salary for CRO-level executives; 5-year window from later of start date or guideline adoption to comply (adopted Mar 2024) |
| Hedging/pledging | Prohibited (no hedging, derivatives, margin, or pledging) |
| Options | Company did not grant options in 2024; no outstanding options reported for NEOs |
Employment Terms
| Term | Detail |
|---|---|
| Role and start | CRO; employment commenced July 22, 2024; agreement effective July 18, 2024 |
| Term | Continues until terminated by either party |
| Base salary | $425,000 |
| Target bonus | 100% of base; pro-rated in first year |
| Equity grants (2024) | RSUs with values of $4,500,000 and $500,000; actual grants in Aug 2024 converted to 135,840 and 15,093 shares based on average closing price methodology; executive LT performance plan target $3,250,000 for future awards |
| Non-CIC severance | 6 months base salary and reimbursement of health premiums up to 6 months; D’Angelo illustrative at 12/31/2024: $212,500 base + $14,665 insurance; total $227,165 |
| CIC severance (double trigger) | 12 months base in lump sum, bonus at 100% of target, up to 12 months health premiums, and 100% acceleration of time-based equity; illustrative values at 12/31/2024: $425,000 base + $425,000 bonus + $29,329 insurance + $4,628,069 equity acceleration; total $5,507,398 |
| Clawback policy | Adopted to comply with Exchange Act Section 10D and NYSE standards; SOX 304 applies to CEO/CFO for misconduct-related restatements |
| Anti-hedging/pledging | Hedging, derivatives, short selling, margin purchases, and pledging prohibited |
Compensation Peer Group (Benchmarking reference)
| Peer companies used for FY2024 benchmarking |
|---|
| Altair Engineering; Appian; Asana; BigCommerce Holdings; Cloudflare; Fastly; Five9; HashiCorp; Jamf Holding; Marqueta; MongoDB; PagerDuty; Progress Software; Rapid7; Smartsheet; SolarWinds; Squarespace; Workiva; Zuora |
| Target percentile |
Say-on-Pay & Shareholder Feedback
- 2024 say-on-pay approval: approximately 91% of votes cast supported NEO compensation; company maintains annual say-on-pay cadence .
Investment Implications
- Alignment: D’Angelo’s pay mix is equity-heavy with multi-year RSU vesting and future eligibility for performance-based equity (PSUs) tied to revenue growth and adjusted FCF margin, reinforcing growth and cash discipline focus .
- Near-term selling pressure: First major vest for the 135,840-share RSU occurs June 1, 2025 with subsequent quarterly vests, creating predictable windows that could contribute to insider selling depending on tax and diversification needs; note anti-hedging/pledging constraints reduce leverage-related selling risk .
- Ownership: Beneficial ownership shows no shares as of March 14, 2025 despite 2024 vesting activity, suggesting limited current “skin in the game”; stock ownership guidelines require building ownership to at least 1x salary within five years from start, providing a structured path to alignment .
- Retention/CIC economics: Standard severance and double-trigger CIC protection with full time-based equity acceleration in a CIC scenario; at 12/31/2024 marks, total CIC package calculated at ~$5.51M, indicating moderate retention and transaction resilience without single-trigger risk .
- Track record: Prior success scaling LogMeIn’s revenue and leading customer expansion at Rapid7 supports execution credibility in building DigitalOcean’s go-to-market; compensation design places accountability on revenue growth and cash generation metrics that investors can monitor each year .