Andrew Houston steps down, Ashraf Alkarmi named Dropbox CEO
Big changes at Dropbox: Co-founder and CEO Andrew Houston is stepping down, and Ashraf Alkarmi (who's been leading key products like file sharing and e-signatures) is set to become the new CEO.
Houston isn't leaving entirely; he'll shift to executive chairman.
The news dropped alongside a strong quarterly report, with Dropbox pulling in $629.5 million.
Ashraf Alkarmi prioritizes AI at Dropbox
Alkarmi wants to make Dropbox "faster, smarter" by focusing on artificial intelligence.
Michael Torres, who currently works on Google Chrome and previously worked on Amazon Kindle, will join as chief product officer in July.
Despite these moves, Dropbox shares are down over 3% this year, and investors are watching closely as the company navigates its leadership shakeup and voting structure concerns.