Overview
- Dropbox announced the leadership change on May 26, 2026, promoting Ashraf Alkarmi from head of core products to co‑CEO with founder Drew Houston retaining an executive role before Alkarmi becomes sole CEO.
- The company said Mike (Michael) Torres, a senior product leader from Google’s Chrome team, will join as chief product officer on July 7 to bolster product and AI work.
- Dropbox reported first-quarter revenue of $629.5 million and said core metrics have stabilized, but the stock fell modestly in early trading after the leadership news.
- Management credits Alkarmi with strengthening Dropbox’s core business and leading AI prototyping work, and the company points to a large base of more than 700 million registered users and about 18 million paying customers as assets to build from.
- The change shifts responsibility for turning Dropbox into an AI-driven product company and leaves investors watching whether new leadership and the Dash AI features can lift growth against competition from Google, Microsoft and Apple and address prior governance concerns over voting structure.