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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Transport Min. Ramalinga Reddy inaugurates redeveloped parking facility at KBS
Bengaluru: Transport and Muzrai Minister Ramalinga Reddy inaugurated a redeveloped parking facility at Terminal-1 of Kempegowda Bus Station on Thursday, April 16.
The parking area has been developed at a cost of Rs 3.29 crore to facilitate smoother movement of vehicles and improve convenience for staff and passengers.
According to officials, the area adjacent to Terminal-1 near the rest house was earlier filled with potholes and prone to waterlogging during rains, causing inconvenience to commuters and staff.
The issue was brought to the notice of the minister, who visited the site and directed that the development be taken up on priority.
A tender was floated to develop around 2.5 acres of land into a structured parking facility.
According to KSRTC, the facility can accommodate around 100 buses and is equipped with 11 electric light poles. An electrical panel room has also been constructed as part of the project.
Parking space has been allocated for buses belonging to North Western (NWKRTC) and Kalyana Karnataka Road Transport Corporations (KKRTC).
