Dropbox CEO Drew Houston to step down after 19 years at helm of cloud storage pioneer
Drew Houston, the founder of Dropbox, will step down as CEO after 19 years and transition to an executive chairman role. He will initially share the co-CEO position with Ashraf Alkarmi, who will eventually take over as the sole CEO. Despite Houston's success in pioneering the cloud storage market, Dropbox's market cap has significantly decreased from its peak.
- ▪Drew Houston founded Dropbox at age 24 and has led the company for nearly two decades.
- ▪He will transition to an executive chairman role while Ashraf Alkarmi is promoted to co-CEO.
- ▪Dropbox's current market cap is just over $6 billion, down from its peak valuation of $10 billion in 2014.
Opening excerpt (first ~120 words) tap to expand
Drew Houston founded Dropbox nearly two decades ago out at age 24, eventually becoming a household name in Silicon Valley and the first tech entrepreneur to take a company from the Y Combinator incubator program all the way to the public market. Now, at 43, Houston is ready to do something else. He's informing staffers on Tuesday that he'll be transitioning into an executive chairman role after an initial period sharing the co-CEO title with Ashraf Alkarmi, who is being promoted from product chief. Alkarmi will eventually take over the top job on his own.
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