Ground Report | New Delhi: How much Parag Agrawal will be paid; Parag Agarwal, who was recently named as the CEO of Twitter, will receive an annual salary of USD 1 million along with other perks and bonuses.
Agarwal, the India-born executive who replaced Jack Dorsey in this role, had served as Twitter’s chief technology officer since 2017 and is responsible for the company’s technology strategy.
“Aggarwal will receive an annual salary of US$1,000,000 and will continue to be a participant in the Company’s Executive Bonus Scheme 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 up to USD 12,500,000 to Mr. Agarwal Restricted Stock Units (RSUs) with the date of grant,” said a regulatory filing by Twitter to the US SEC.
The filing said the RSUs would be vested in 16 equal quarterly increments (6.25 percent of each grant) beginning February 1, 2022, with Agarwal in each case remaining an employee of Twitter through the applicable vesting date. (How much Parag Agrawal will be paid)
In April 2022, the board will grant grants to Agarwal Performance-Based RSUs (PRSUs) with a grant date face value of USD 12.5 million. The performance targets of those PRSUs will be determined by the Board’s Compensation Committee on or before the grant date.
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Agarwal, 37, holds a bachelor’s degree from the Indian Institute of Technology in Bombay and a PhD in computer science from Stanford University.
Agarwal joins a growing list of India-born CEOs of global tech companies including Sundar Pichai (Google), Satya Nadella (Microsoft), Arvind Krishna (IBM), Shantanu Narain (Adobe CEO) and Rangarajan Raghuram (VMware).
India is one of Twitter’s major markets with an estimated 1.75 million users.