May 26 : Dropbox said on Tuesday that CEO and co-founder Andrew Houston will step down after a transition period, promoting insider Ashraf Alkarmi to co-CEO ahead of his succession as the sole chief executive.The file hosting service provider's shares fell more than 1 per cent in early trading. They have fall

Dropbox CEO Drew Houston, who started the cloud storage company when he was 24, plans to step down and assume the role of executive chairman.

Ashraf Alkarmi, promoted from general manager, will serve as co-CEO before eventually becoming sole chief executive