Parag Agrawal, an IIT-Bombay graduate, became the new Twitter chief executive officer (CEO) on Monday (November 29). He will replace Twitter co-founder Jack Dorsey. Parag, 37, will receive an annual salary of USD 1 million-plus bonuses, the company said in a filing with the U.S. Securities and Exchange Commission (SEC).
The company also said that the new Twitter CEO Parag Agrawal will also receive restricted stock units (RSUs) valued at USD 12.5 million. According to Twitter, Parag Agrawal had also received RSUs and PRSUs few months ago.
It is to be noted that Jack Dorsey, who quit as as Twitter CEO, had refused to accept all compensation and benefits since 2015 other than an annual salary of USD 1.40 since 2018 as a testament to “his commitment to and belief in Twitter’s long-term value creation potential”.
Parag Agrawal joined Twitter in 2011 and has served as its Chief Technology Officer (CTO) since October 2017.
“I see Twitter’s incredible impact, our continued progress, and the exciting opportunities ahead of us. Our purpose has never been more important. Our people and our culture are unlike anything in the world. There is no limit to what we can do together” Agrawal said in a letter to employees.
“We recently updated our strategy to hit ambitious goals, and I believe that strategy to be bold and right. But our critical challenge is how we work to execute against it and deliver results – that’s how we’ll make Twitter the best it can be for our customers, shareholders, and for each of you” he added.
