Dropbox co-founder Drew Houston has announced his intention to step down as CEO after leading the cloud storage pioneer for 19 years. Houston, who launched the company at age 24 while a student at MIT, will transition into the role of executive chairman. The leadership change will begin with a transition period during which Ashraf Alkarmi, currently the company’s product chief, will serve as co-CEO alongside Houston before eventually assuming the top position permanently.

Since its inception, Dropbox became a staple of Silicon Valley, marking a significant milestone as one of the first companies to emerge from the Y Combinator incubator to reach the public market. Under Houston’s leadership, the company surpassed $2 billion in annual revenue and maintained a loyal user base of over 18 million paying customers. Despite facing intense competition from tech giants like Google, Apple, and Microsoft, the company has remained a primary tool for creative and media professionals.

As the tech industry navigates the rapid integration of artificial intelligence, Dropbox has been working to modernize its offerings with features like its AI-powered Dash tool. While the company has faced market pressure and shifting valuations, Houston remains optimistic about the firm’s future and its ability to adapt to new technological landscapes. He noted that his decision to step back was not tied to a specific event, but rather a desire to pursue new entrepreneurial ventures in the AI space.

In addition to the leadership shift, the company announced that Mike Torres, a vice president at Google, will join the team as chief product officer this July. Houston expressed confidence in the current leadership team, noting that the company is well-positioned for its next chapter of innovation. As he prepares to leave the CEO role, Houston intends to focus his efforts on building new projects within the evolving artificial intelligence sector.