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Dropbox CEO Drew Houston to step down after 19 years at helm of cloud storage pioneer
Houston will shift to executive chairman after nearly two decades as CEO, while Dropbox names Ashraf Alkarmi co-CEO and promotes Mike Torres to chief product officer.
- On Tuesday, Dropbox CEO Drew Houston told staff he will transition to executive chairman after initially sharing the co-CEO title with product chief Ashraf Alkarmi, who will eventually take over as sole CEO; Mike Torres joins from Google as chief product officer in July.
- Houston's interest in AI entrepreneurship prompted the shift after nearly two decades leading Dropbox; at 43, he stated 'there's never been a more exciting period to be building things' while acknowledging 'there's never a perfect time' for such a transition.
- Houston built a net worth exceeding $2 billion pioneering cloud storage and competing with Google and Apple, while Dropbox grew to over 18 million paying users and surpassed $2 billion in annual revenue four years after hitting $1 billion in 2017.
- Dropbox's market cap of just over $6 billion remains down by half from its 2018 IPO peak, though shares fell less than 5% in the past year while HubSpot and Asana lost over 60%, with revenue roughly flat over two years and declining slightly in 2025.
- Gartner analyst Lovelock sees parallels between AI's current disruption concerns and early cloud computing, when Salesforce rose while Oracle and SAP slowed; Houston dismissed fears foundation models will displace Dropbox, calling it 'something that a percentage of the planet still uses.
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Times of India
Times of IndiaDropbox CEO Andrew Houston to step down, insider Ashraf Alkarmi named successor
May 26 : Dropbox said on Tuesday that CEO and co-founder Andrew Houston would step down after a transition period and promoted insider Ashraf Alkarmi to co-CEO ahead of his succession as the sole chief executive.The file hosting service provider's shares fell nearly 2 per cent. They have declined more than 3
·Singapore
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breakingthenews.net
breakingthenews.netDropbox CEO Drew Houston to step down
May 26 Dropbox CEO Drew Houston to step down - CNBC Dropbox CEO Drew Houston will be transitioning into an executive chairman role - CNBC Ashraf Alkarmi is being promoted to co-CEO before...
·Annecy, France
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Total News Sources8
Leaning Left1Leaning Right2Center5Last UpdatedBias Distribution62% Center
Bias Distribution
- 62% of the sources are Center
62% Center
13%
C 62%
R 25%
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