TIL Desk/Business/New Delhi/ With his elevation as the CEO of Twitter, Parag Agrawal, in whom co-founder of the microblogging giant Jack Dorsey has “bone-deep” trust, joins the growing power club of Indian-origin executives helming US-based global multinationals.
Twitter’s outgoing CEO Dorsey announced on Monday that 37-year old Agrawal, an Indian Institute of Technology, Bombay and Stanford University alumnus, will be the company’s new chief executive as he stepped down after 16 years at the company that he co-founded and helmed.
A report said Agrawal will receive an annual salary of $1 million, in addition to bonuses, restricted stock units and performance-based stock units. “After almost 16 years of having a role at our company…from co-founder to CEO to Chair to Exec Chair to interim-CEO to CEO…I decided it’s finally time for me to leave. Why?
“There’s a lot of talk about the importance of a company being ‘founder-led.’ “Ultimately I believe that’s severely limiting and a single point of failure. “I’ve worked hard to ensure this company can break away from its founding and founders. “There are 3 reasons I believe now is the right time. “The first is Parag becoming our CEO. “The board ran a rigorous process considering all options and unanimously appointed Parag.
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