Dropbox CEO Drew Houston Steps Down After 19-Year Run

Dropbox co-founder Drew Houston has announced he is stepping down as CEO after nearly 19 years leading the cloud storage company, Andrew Nusca reported for Fortune Tech.

Drew Houston steps down after nearly two decades as Dropbox CEO. (Photo: Dropbox)

Product chief Ashraf Alkarmi will serve as interim co-CEO before Houston transitions to executive chairman. Houston remains the company’s largest individual shareholder.

In a message to employees, Houston reflected on the company’s evolution from startup to profitable public company, noting its continued adaptation in a competitive cloud storage market.

Dropbox, which went public in 2018, has faced increasing competition as cloud storage features have become integrated into larger tech ecosystems. Despite this, the company remains profitable with stable annual revenue.