Earnings

Snowflake says Frank Slootman is retiring as CEO, stock plunges 20%

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Frank Slootman, CEO of Snowflake, on the day of the company’s initial public offering on Sept. 16, 2020.

CNBC

Snowflake said on Wednesday that billionaire CEO Frank Slootman, who joined the cloud software company in 2019 and took it public the following year, is retiring and will be replaced by former Google ad chief Sridhar Ramaswamy. Shares of Snowflake plunged 24% in extended trading.

Slootman, 65, previously led software vendor ServiceNow into the public markets and before that, led Data Domain. But Snowflake was his biggest endeavor and became the largest software initial public offering ever when it hit the New York Stock Exchange in 2020 and more than doubled in its debut. Slootman



Source cnbc.com

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