Dropbox is seeing a leadership change. Co-founder Andrew Houston will step down as CEO after a transition period. Ashraf Alkarmi will take over as the sole chief executive. Alkarmi previously managed the company's core products. Michael Torres has been appointed chief product officer. Dropbox recently reported strong first-quarter revenue.

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