Twitter’s new CEO will get a big pay day in addition to his promotion.
Parag Agrawal, who served as the social network’s chief technology officer until Jack Dorsey announced his sudden departure on Monday, will receive a $1 million annual salary, according to documents the company filed with the Securities and Exchange Commission.
Agrawal, 37, will also be eligible for an annual performance bonus of up to 150% of his salary, meaning he could take in up to another $2.5 million annually. Agrawal was also awarded a $12.5 million stock award, which will accrue 16 equal quarterly increases as of February 1, 2022.
Agrawal’s salary is a far cry from the $1.40 annual salary his predecessor earned in the past few years. In a statement, the company said Dorsey was paid a lower salary to symbolize his “commitment and belief in the long-term value creation potential of Twitter.” According to Bloomberg, his fortune is currently more than $12 billion.
Agrawal joined Twitter in 2011 as a software engineer and rose through the ranks to become one of Dorsey’s closest partners in shaping the company’s future, CNBC reported Monday.
In particular, Agrawal was a major player in Dorsey’s Project Bluesky, an open source project whose ultimate goal is to get different social networks to interact similarly to email. CNBC reports that the long-term vision in 2019, is to allow users of different social networks to communicate with each other seamlessly.
As CTO, Agrawal has also helped accelerate Twitter’s growth by helping direct the development of artificial intelligence and machine learning technology, according to Biography.
“While it was a decade ago, I feel like those days were yesterday for me,” Agrawal said Wrote in an email to employees after the CEO position is announced. “I’ve walked where you are, I’ve seen the ups and downs, the challenges and obstacles, the ups and downs. But then and now, above all else, I see the incredible impact of Twitter, our continued progress, and exciting opportunities lie ahead.”
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