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Dropbox co-founder Drew Houston is transitioning out of the chief executive role he has held since founding the company, moving to executive chairman after an interim period sharing the co-CEO title with Ashraf Alkarmi, the company announced Tuesday.
Ashraf Alkarmi, who had served as general manager of Dropbox's core business, becomes co-CEO effective Tuesday alongside Houston. After a transition period, Houston is expected to take on the executive chairman role while Alkarmi becomes sole CEO, the company said.
Alkarmi's pay includes an $825,000 yearly salary, a target bonus equal to his base salary, and about $12.65 million in restricted stock units that will vest over several years, according to the filing.
Separately, the company said Michael Torres, currently vice president of product for Google $GOOGL +0.56%'s Chrome, will join Dropbox as chief product officer on July 7.
