Twitter CEO Parag Agawal was announced by the company last night as the successor to founder Jack Dorsey. Agarwal, a 37-year-old IIT Bombay graduate will receive an annual salary of $1 million (roughly Rs 7.5 crores) plus bonuses, Twitter said in a filing with the US securities and Exchange commission (SEC). Apart from the million-dollar package, Agarwal will also receive restricted stock units valued at $12.5 million (roughly Rs 93.9 crores) that will be vested in 16 equal quarterly increments, starting February 2022.
Twitter has noted that Agarwal had also received RSUs and PRSUs earlier this year, but has not disclosed any specific details. This comes after Jack Dorsey was on an annual salary of $1.4 since 2018. Dorsey said that this salary is based on his “belief in Twitter’s long-term value creation potential." Dorsey owns about 2.26 percent of Twitter and has an 11 percent stake in Square Inc that is valued at $98.2 billion (roughly Rs 7,37,900 crores).
Agarwal was named CEO of Twitter after Dorsey stepped down from the position. He now joins the elite ranks of the likes of Sundar Pichai, Satya Nadella, and more India-origin techies who are leading big-tech companies like Google, Microsoft, Adobe, and more. “I look forward to building on everything we have accomplished under Jack’s leadership and I am incredibly energized by the opportunities ahead," Agarwal said after his appointment.