Parag Agrawal, who has not too long ago been named because the CEO of microblogging platform Twitter, will obtain an annual wage of $1 million together with different perks and bonuses. The India-born govt – who succeeds Jack Dorsey on this position – served as Twitter’s Chief Expertise Officer since 2017, and has been liable for the corporate’s technical technique.
He joined the corporate in 2011 as a software program engineer, main efforts on scaling Twitter Adverts techniques, in addition to reaccelerating viewers progress by enhancing Residence timeline relevance.
“…Agrawal will obtain an annual wage of USD 1,000,000 and can proceed to be a participant within the firm’s govt bonus plan with a brand new goal bonus of 150 per cent of his annual base wage. Beneath the phrases of the Provide Letter, in December 2021, the Board will grant to Mr Agrawal restricted inventory models (RSUs) with a grant date face worth of USD 12,500,000,” a regulatory submitting by Twitter to the US SEC, stated.
The submitting added that the RSUs will vest in 16 equal quarterly increments (every being 6.25 per cent of the grant) beginning February 1, 2022, topic in every case to Agrawal remaining an worker of Twitter by the relevant vesting date.
In April 2022, the Board will grant Agrawal performance-based RSUs (PRSUs) with a grant date face worth of USD 12.5 million. The efficiency objectives for these PRSUs can be decided by the Compensation Committee of the Board on or earlier than the grant date.
Agrawal, 37, holds a bachelor’s diploma from IIT Bombay and a PhD in pc science from Stanford College.
In line with earlier filings, Dorsey had earned USD 1.40 in 2019 – flat from the 12 months earlier than – because the co-founder believes in “Twitter’s long-term worth creation potential”.
On November 29, Dorsey had introduced that he’s stepping down from his place, and named Agrawal as his successor. Dorsey will stay on the Board till his time period expires in 2022.
Agrawal has joined the rising record of India-born CEOs of tech firms that features names like Sundar Pichai (Google), Satya Nadella (Microsoft), Arvind Krishna (IBM), Shantanu Narayen (Adobe CEO) and Rangarajan Raghuram (VMware).
The US-based microblogging platform counts India amongst its main markets with an estimated 1.75 crore customers.
This story has been revealed from a wire company feed with out modifications to the textual content. Solely the headline has been modified.
Supply: Live Mint