Parag Agrawal, 37, an IIT-Bombay graduate, who replaced Jack Dorsey as the new Twitter chief executive officer will receive an annual salary of $1 million-plus bonuses, the company said in a filing with the U.S. Securities and Exchange Commission (SEC).
Agrawal will also receive restricted stock units (RSUs) valued at $12.5 million that will vest in 16 equal quarterly increments, starting February 1, 2022, along with performance-based restricted stock units in April 2022. Twitter noted that Agrawal had also received RSUs and PRSUs earlier this year, but didn't disclose any specific details.
Twitter co-founder Jack Dorsey, who stepped down as the CEO on November 29, had declined all compensation and benefits since 2015 other than an annual salary of $1.40 since 2018 as a testament to "his commitment to and belief in Twitter’s long-term value creation potential".
However, he has sold hundreds of million worth of stock in digital payments firm Square in recent years. Dorsey co-founded Square in 2009 and the company's $98.2 billion market cap is currently more than double of Twitter's $37 billion market cap. Dorsey currently owns about 11% stake in Square and about 2.26% stake in Twitter.
Agrawal was appointed as Twitter CEO on November 29, thereby joining the elite ranks of global tech CEOs from India such as Microsoft’s Satya Nadella, Alphabet’s Sundar Pichai, IBM's Arvind Krishna, and Adobe's Shantanu Narayen.
He joined the social media firm in 2011 and has served as its Chief Technology Officer (CTO) since October 2017.
Also Read | Who is Parag Agrawal, the new CEO of Twitter?
"I see Twitter's incredible impact, our continued progress, and the exciting opportunities ahead of us. Our purpose has never been more important. Our people and our culture are unlike anything in the world. There is no limit to what we can do together" Agrawal said in a letter to employees.
"We recently updated our strategy to hit ambitious goals, and I believe that strategy to be bold and right. But our critical challenge is how we work to execute against it and deliver results - that's how we'll make Twitter the best it can be for our customers, shareholders, and for each of you" he added.
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