Drew Houston steps down as Dropbox CEO after 19 years. Ashraf Alkarmi, a former Vimeo and Amazon executive, takes over a company whose market cap has halved since 2018.

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