India-born Parag Agrawal is the new CEO of Twitter. He was handed over the baton by Jack Dorsey, the company co-founder, who stepped down after 16 years. As soon as he was appointed the company’s CEO, the chatter around his annual salary started, and we were not surprised. In filing with the US Securities and Exchange Commission (SEC), the company revealed that the new Twitter chief would be paid an annual salary of $1 million-plus bonuses.

As per Twitter’s filings, the company will pay compensation of 1 million dollars to Parag. “In connection with his appointment as Chief Executive Officer, the Company entered into an offer letter (the “Offer Letter”) with Mr Agrawal, effective November 29, 2021. Pursuant to the Offer Letter, Mr Agrawal will receive an annual salary of $1,000,000 and will continue to be a participant in the Company’s executive bonus plan with a new target bonus of 150% of his annual base salary” the SEC report said.

Who is Parag Agrawal? Here is a brief profile of this IITian

The 37-year-old Parag is also among the youngest to take over as the company’s CEO. The SEC report also revealed that along with the one minion dollar annual salary, Agarwal would also receive restricted stock units (RSUs) valued at $12.5 million. The RSUs will vest in 16 equal quarterly increments (each being 6.25% of the grant) starting February 1, 2022, subject to each case. Apart from all the monetary benefits, Agrawal will be eligible to participate in Twitter’s employee benefits plans and programs.

Parag Agrawal has joined the league of India-born executives running the big tech companies. He has joined the elite club, which already has Microsoft CEO Satya Nadella, Alphabet and Google CEO Sundar Pichai, Adobe President and CEO Santanu Narayan and IBM Group CEO Arvind Krishna.

Agrawal completed his graduation from India’s prestigious IIT Mumbai. He then went to Stanford University to complete his higher studies. Although Parag is a relatively unknown face, he has been associated with Twitter since 2011. He has been serving as the Chief Technology Officer on Twitter since 2017 before he was elevated as the company CEO. Before joining Twitter, Agrawal was associated with companies including Microsoft, AT&T and Yahoo.

Introducing Agrawal, Twitter said in a press note, “Parag Agrawal joined Twitter in 2011 and has served as Chief Technology Officer (CTO) since October 2017. As CTO, he has been responsible for the Company’s technical strategy, leading work to improve development velocity while advancing the state of Machine Learning across the company. Prior to being appointed CTO, Parag had risen to be Twitter’s first Distinguished Engineer due to his work across revenue and consumer engineering, including his impact on the re-acceleration of audience growth in 2016 and 2017.”

Former Twitter Jack Dorsey, in his resignation mail, said that his trust in Agrawal as the CEO is deep bone. The decision of appointing him as the next CEO was taken unanimously by the board, Dorsey revealed.