Dropbox founder Drew Houston steps down as CEO after 19 years as the company he built gets squeezed by Google and Apple
TL;DR
Drew Houston is stepping down as Dropbox CEO after 19 years, with former Vimeo CPO Ashraf Alkarmi taking over. The company’s market cap has halved since its 2018 IPO as Google, Apple, and Microsoft squeezed its core storage business.
Drew Houston, the co-founder who built Dropbox from a Y Combinator demo into a company with more than 700 million registered users, is stepping down as chief executive. Ashraf Alkarmi, Dropbox’s current head of product, has been named co-CEO effective immediately. After a transition period, Houston will become executive chairman and Alkarmi will take the role outright.
Dropbox shares fell roughly 2.4 per cent in premarket trading on the news. The company’s market capitalisation now sits just above $6 billion, down by half from the peak it reached on its first day of trading in March 2018.
Houston, who is 43, told CNBC that his next chapter will be entrepreneurial...
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