Dropbox

DBX

Market cap $6.27B

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Dropbox CEO Drew Houston plans to step down as CEO after 19 years in the role. Houston named Ashraf Alkarmi as his co-CEO and eventual successor in a memo to employees on Tuesday.

Apple's Tim Cook isn't the only well-known tech CEO stepping away from the chief executive role this year. Now, Dropbox, Inc. (Nasdaq: DBX) founder and CEO Drew Houston has announced he, too, is departing the company he is synonymous with.

Dropbox said on Tuesday that CEO and co-founder Andrew Houston will step down after a transition period, ​promoting insider Ashraf Alkarmi to co-CEO ahead of ‌his succession as the sole chief executive.

Dropbox Chief Executive Andrew Houston will step down from his role after 19 years at the head of the company and become executive chairman.

Dropbox CEO Drew Houston, who founded the cloud storage company when he was 24, plans to step down and assume the role of executive chairman. Ashraf Alkarmi is being promoted from product chief to co-CEO, serving for a time alongside Houston before eventually taking the job on his own.

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Many companies ended remote work arrangements that began during the coronavirus pandemic despite resistance from employees who grew accustomed to working from home.

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