Twitter’s newly appointed CEO Parag Agrawal, is a 37-year-old young tech specialist, has become the youngest CEO heading an S&P 500 company, only barely younger than Meta Platform Inc CEO Mark Zuckerberg. Parag, a graduate of the( IIT )Indian Institute of Technology-Bombay’s 2005 batch. He has replaced Twitter co-founder Jack Dorsey, who ambled down from the executive role.
5 Things You Must Know About New Twitter CEO
- The new CEO, Parag did his graduation from IIT-Bombay. He has done a PhD in computer science from Stanford University.
- He entered Twitter in October 2011 as an ads engineer and rapidly after held the crown of the firm’s ‘Distinguished Software Engineer’.
- Twitter assigned Parag as its Chief Technology Officer in 2017.
- Before entering Twitter, he did research internships at AT&T, Microsoft and Yahoo.
- With his task as the company’s CEO, Mr Agrawal has enlisted the group of Indian-origin silicon valley CEOs which comprises names like Alphabet’s (Google parent firm) Sundar Pichai and Microsoft’s Satya Nadella.
Who is Parag Agrawal?
Parag was the chief technology officer at Twitter before being appointed Dorsey’s replacement Monday. Parag Agrawal was born in 1984 according to Bloomberg. Fresh was born in the same year as Mark Zuckerberg but later than the Facebook creator’s May 14 birthday. Questions carried to Twitter on Monday pursuing assurance of Agrawal’s age did not induce a response. After finishing his Bachelor’s Degree in Computer Science and Engineering from the IIT, Indian Institute of Technology, Bombay, he continued a doctorate from Stanford University. As Chief Technology Officer, Agrawal has been accountable for the firm’s technical system, and supervises machine learning and AI across the business. Since entering Twitter in 2011, he has led endeavors on surging Twitter Ads systems, as well as re-accelerating user expansion by boosting home timeline relevance. Previous to joining Twitter, Agrawal was involved with a study in large-scale data management with collaborators at Microsoft Research, Yahoo! Research, and AT&T Labs.
Markets reaction to this remarkable announcement
Ahead of the US markets beginning on Monday, the announcement of Dorsey resigning severed, in reaction to which the shares/percentage of Twitter bounced 10% on the opening bell. The script later wiped out gains and closed 2.74% lower than its last close on NASDAQ.
How much will Parag Agrawal be paid as Twitter CEO?
Twitter’s chief executive officer will obtain an annual income of $1 million-plus bonuses, the firm said in a filing with the SEC: U.S. Securities and Exchange Commission. Parag will also amass restricted stock units (RSUs) estimated at $12.5 million that will bestow in 16 equal quarterly increments, beginning February 1, 2022, along with performance-based restricted stock units in April 2022. Twitter remarked that Agrawal had also obtained RSUs and PSUs before this year, but didn’t reveal any particular details.
The co-founder of Twitter Jack Dorsey, who resigned as the CEO on November 29 yesterday, had refused all reimbursement and privileges since 2015 other than an annual salary of $1.40 since 2018 as a testament to “his responsibility to and belief in Twitter’s long-term value creation potential”.
Yet, he has sold hundreds of millions of stock in digital payments firm Square in recent years. Dorsey co-founded digital payment firm Square in 2009 and the firm’s $98.2 billion market cap is presently more than twice Twitter’s $37 billion market cap. Dorsey presently possesses about 11% stake in Square and approximately 2.26% stake in Twitter.
The reason behind Jack Dorsey’s resign
In an email to Twitter workers, Dorsey jotted down: “There’s a lot of discussion about the significance of a business being “founder-led”. Eventually, I believe that’s severely limiting and a single point of failure”. Twitter’s Board of Directors had been seeking a replacement for Dorsey since last year, in an undertaking to get a full-time CEO for the microblogging website. The 45-year old co-founder of Twitter has been allotting his time to his other endeavors encompassing digital payments firm Square, which he moreover co-founded. According to reports, the board of directors of Twitter had been looking for a full-time CEO for the social media company since last year. Former CEO Dorsey co-founded Twitter in 2006 and assisted as CEO till 2008 before he was lifted out of his position. He returned to the firm in the executive position in 2015 after old CEO Dick Costolo resigned.
What does this remarkable position mean for Agrawal?
For Parag, the selection has come at a time when Twitter is aggressively raising for progress. Before this year, the company declared its objectives to have 315 million monetizable everyday active users by the end of 2023 and to at least double its annual revenue by then. He grabs over the company’s executive position when it has come under light from investors for not inaugurating any new monetizable product for years, something that directed to the 2023 agenda being announced.