Here’s how much salary Parag Agrawal will get as Twitter's new CEO
New Delhi, Dec 1: Parag Agrawal, who has recently been named as the CEO of microblogging platform Twitter, will receive an annual salary of USD 1 million along with other perks and bonuses.
The India-born executive - who succeeds Jack Dorsey in this role - served as Twitter's Chief Technology Officer since 2017, and has been responsible for the company's technical strategy.
He joined the company in 2011 as a software engineer, leading efforts on scaling Twitter Ads systems, as well as reaccelerating audience growth by improving Home timeline relevance.
"...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 per cent 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 added that the RSUs will vest in 16 equal quarterly increments (each being 6.25 per cent 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 IIT Bombay and a PhD in computer science from Stanford University.
According to previous filings, Dorsey had earned USD 1.40 in 2019 - flat from the year before - as the co-founder believes in "Twitter's long-term value creation potential".
On November 29, Dorsey had announced that he is stepping down from his position, and named Agrawal as his successor. Dorsey will remain on the Board until his term expires in 2022.
Agrawal has joined the growing list of India-born CEOs of tech companies that includes names like Sundar Pichai (Google), Satya Nadella (Microsoft), Arvind Krishna (IBM), Shantanu Narayen (Adobe CEO) and Rangarajan Raghuram (VMware).
The US-based microblogging platform counts India among its major markets with an estimated 1.75 crore users.
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Expelled Cong MLA Mamkootathil gets bail in sexual assault case
Pathanamthitta(Kerala) (PTI): A Kerala court on Wednesday granted bail to expelled Congress MLA Rahul Mamkootathil in the third sexual assault case against him, in which he was arrested earlier this month.
The bail was granted by the Pathanamthitta District Sessions Court, which was considering an appeal filed by the MLA against a judicial magistrate's court that had denied him relief, stating that the allegations against him were serious and that he had "similar antecedents".
The third sexual assault case was registered against the Palakkad MLA under Sections 376 (rape) and 506(1) (criminal intimidation) of the Indian Penal Code (IPC), following a complaint lodged by a woman from Kottayam district on 8 January. He was arrested in the case on January 11 in Palakkad.
The Kerala High Court and a sessions court in Thiruvananthapuram had earlier protected the MLA from arrest in the first two sexual assault cases, which were registered based on complaints from two different women.
