New Delhi: Parag Agrawal, 37, an IIT-Bombay graduate who took over as Twitter’s new CEO from Jack Dorsey, would be paid a $1 million annual salary plus bonuses, according to a filing with the US Securities and Exchange Commission (SEC).
In addition, Agrawal will get $12.5 million in restricted stock units (RSUs) that vest in 16 equal quarterly increments beginning February 1, 2022, as well as performance-based restricted stock units in April 2022. Agrawal received RSUs and PRSUs early this year, according to Twitter, but no specifics were provided.
As a testament to “his commitment to and belief in Twitter’s long-term value creation potential,” Twitter co-founder Jack Dorsey, who stepped down as CEO on November 29, had declined all compensation and benefits since 2015 except an annual salary of $1.40 since 2018 as a testament to “his commitment to and belief in Twitter’s long-term value creation potential.”
In recent years, he has sold hundreds of millions of dollars’ worth of stock in Square, a digital payments company. Dorsey co-founded Square in 2009, and the company’s market worth of $98.2 billion is more than quadruple that of Twitter’s $37 billion. Dorsey presently owns approximately 11 percent of Square and approximately 2.26 percent of Twitter.
On November 29, Agrawal was named CEO of Twitter, joining the ranks of Microsoft’s Satya Nadella, Alphabet’s Sundar Pichai, IBM’s Arvind Krishna, and Adobe’s Shantanu Narayen as global IT CEOs from India.
He began working for the social media company in 2011 and has been 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.
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Source: Zee News