Dropbox is welcoming a new CEO for the first time in its 19-year history, promoting its product chief to the hot seat as it faces flatlining revenue and struggles to grow its paying user base.

Founder Drew Houston announced on 26 May he was stepping down as CEO, sharing the role with successor Ashraf Alkarmi effective immediately, until the undisclosed end of a transition period. Houston will stay on as executive chairman.

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