Parag Agarwal, who has recently been named as the CEO of the microblogging platform Twitter, will receive an annual salary of $1 million, among other perks and bonuses. The India-born executive – who replaces Jack Dorsey in this role – has served as Twitter’s chief technology officer since 2017 and is responsible for the company’s technology strategy.
He joined the company in 2011 as a software engineer, making efforts to accelerate audience growth by improving home timeline relevance, along with efforts to enhance the Twitter advertising system.
“…Agarwal will receive an annual salary of US$1,000,000 and will continue to be a participant in the Company’s Executive Bonus Scheme with a new target bonus of 150 percent of his annual base salary. Under the terms of the offer letter, in December 2021, The Board will grant Mr. Agarwal Restricted Stock Units (RSUs) with a grant date face value of USD 12,500,000 to the US SEC in a regulatory filing by Twitter.
The filing said the RSUs would vest in 16 equal quarterly increments (6.25 percent of each grant) with effect from February 1, 2022, in each case where Agarwal would remain an employee of Twitter through the applicable vesting date.
In April 2022, the board will grant grants to Agarwal Performance-Based RSUs (PRSUs) with a grant date face value of USD 12.5 million. The performance targets of those PRSUs will be determined by the Board’s Compensation Committee on or before the grant date.
Agarwal, 37, holds a bachelor’s degree from IIT Bombay and a PhD in computer science from Stanford University.
According to a previous filing, Dorsey earned $1.40 in 2019 – flat compared to a year ago – as the co-founder believes in “Twitter’s long-term value creation potential.”
On 29 November, Dorsey announced that he was stepping down, and named Agarwal as his successor. Dorsey will remain on the board until his term ends in 2022.
Agarwal joins a growing list of India-born CEOs of tech companies, including Sundar Pichai (Google), Satya Nadella (Microsoft), Arvind Krishna (IBM), Shantanu Narayan (Adobe CEO) and Rangarajan Raghuram (VMware). Are included.
The US-based microblogging platform counts India as one of its major markets with an estimated 17.5 million users.
This story has been published without modification in text from a wire agency feed. Only the title has been changed.
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