Here's how much Twitter's new CEO Parag Agrawal will be paid
Parag Agrawal, who was recently named the CEO of Twitter, will receive an annual salary of USD 1 million along with other perks and bonuses.
Agrawal, the India-born executive who succeeds Jack Dorsey in this role, had served as Twitter's Chief Technology Officer since 2017 and has been responsible for the company's technical strategy.
"...Agrawal will receive an annual salary of USD 1,000,000 and will continue to be a participant in the company's executive bonus plan with a new target bonus of 150 percent of his annual base salary. Under the terms of the Offer Letter, in December 2021, the Board will grant to Mr Agrawal restricted stock units (RSUs) with a grant date face value of USD 12,500,000," a regulatory filing by Twitter to the US SEC, said.
The filing said the RSUs will vest in 16 equal quarterly increments (each being 6.25 percent of the grant) starting February 1, 2022, subject in each case to Agrawal remaining an employee of Twitter through the applicable vesting date.
In April 2022, the Board will grant Agrawal performance-based RSUs (PRSUs) with a grant date face value of USD 12.5 million. The performance goals for those PRSUs will be determined by the Compensation Committee of the Board on or before the grant date.
Agrawal, 37, holds a bachelor's degree from the Indian Institute of Technology in Bombay and a PhD in computer science from Stanford University.
Agrawal has joined a growing list of India-born CEOs of global tech companies including Sundar Pichai (Google), Satya Nadella (Microsoft), Arvind Krishna (IBM), Shantanu Narayen (Adobe CEO) and Rangarajan Raghuram (VMware).
India is among Twitter's major markets with an estimated 1.75 crore users.