Snowflake CEO Frank Slootman stepping i’m sick — and Wall St hates it
It sounds as if Frank Slootman, the veteran tech govt, used to be prevailing with buyers, a minimum of judging from their response that he’ll be stepping i’m sick as CEO of Snowflake. The corporate secure worth has plunged greater than 20% in after-hours buying and selling at the information.
Slootman will retreat into the function of chairman of the board, life Sridhar Ramaswamy, former head of Google Advertisements, who got here to the corporate when it purchased AI search engine Neeva last past, will to enter as govt.
Misplaced in nowadays’s govt shuffle used to be the corporate’s profits. It reported income of $738 million, up a wholesome 33% past over past with steerage for the after quarter of between $745 and $750 million, with enlargement of 26-27%.
Slootman got here on board in 2019, taking on for veteran govt Bob Muglia, and used to be charged with taking the corporate nation please see past. Over the terminating past, the secure has carried out effectively, up round 50% (the precise quantity is dry to inform with this afternoon’s downward spiral), as many tech shares recovered from 2022 doldrums.
He used to be famously well-compensated, with a bottom wage of $375,000 and a in lieu horny secure possibility. In truth, Fortune reported that the govt used to be making an eye-popping $95 million a presen at one level.
He raised eyebrows in 2021 when he advised a reporter that diversity shouldn’t override merit, and ultimately walked back those comments nearest a adverse response from trade friends.
Previous to coming to Snowflake, he spent six years as chairman and CEO at ServiceNow. With all that money, most likely he’ll surrender and experience his cash.
