- After about five years in the position
- Praise for Slootman
- Sridhar Ramaswamy taking over
- Slootman will remain as Chairman at Snowflake
- Slootman said 78 words
(exechange) — Bozeman, Montana, February 28, 2024 — Frank Slootman, chief executive of Snowflake, leaves his position. As announced by Snowflake Inc. in a news release and in a regulatory filing published on Wednesday, February 28, 2024, Frank Slootman has left his post as chief executive officer at the data cloud company, after about five years in the role, effective February 27, 2024.
Generally speaking, it raises questions when a CEO leaves his post abruptly.
Frank Slootman’s duties as CEO will be taken over by Sridhar Ramaswamy, most recently Senior Vice President of AI at Snowflake Inc.
“Accelerating our ability to bring innovation”
Snowflake did not give an explicit reason for Frank Slootman’s departure from the CEO post. Ramaswamy stated: “My focus will be on accelerating our ability to bring innovation to our customers and partners.”
Slootman will remain as Chairman at Snowflake
Snowflake stated: “Frank Slootman will continue to serve as Chairman of the Board.”
“Retire”
Snowflake said: “Frank Slootman has decided to retire as Chief Executive Officer and Sridhar Ramaswamy has been named as Chief Executive Officer and member of the Board of Directors effective immediately.”
Snowflake further said: “Effective February 27, 2024, Frank Slootman retired as Chief Executive Officer of Snowflake Inc. (the “Company”), and Sridhar Ramaswamy was appointed to succeed Mr. Slootman as the Company’s new Chief Executive Officer.”
Share price decline since February 2021
The announcement follows a decline in Snowflake Inc.’s share price of 17% since February 2021.
In the position of CEO since 2019
Frank Slootman became CEO of the Company in 2019.
Frank Slootman has served as the Company’s Chief Executive Officer and as a member of the Company’s board of directors since April 2019 and as Chairman of the Company’s board of directors since December 2019.
Before joining the Company, Slootman served as Chairman of the board of directors of ServiceNow, Inc., an enterprise IT cloud company, from October 2016 to June 2018.
From May 2011 to April 2017, Slootman served as President and Chief Executive Officer and as a member of the board of directors of ServiceNow, Inc.
From January 2011 to April 2011, Slootman served as a Partner of Greylock Partners, a venture capital firm. From July 2009 to January 2011, Slootman served as President of the Backup Recovery Systems Division at EMC Corporation, a computer data storage company, and as an advisor from January 2011 to February 2012.
From July 2003 until its acquisition by EMC in July 2009, Slootman served as President and Chief Executive Officer of Data Domain Corporation, an electronic storage solution company.
Slootman previously served as a member of the board of directors of Pure Storage, Inc. from May 2014 to February 2020, and Imperva, Inc., from August 2011 to March 2016.
Slootman holds undergraduate and graduate degrees in Economics from the Netherlands School of Economics, Erasmus University Rotterdam.
78 words by Frank Slootman
In the release announcing his departure as CEO of Snowflake Inc., Frank Slootman received praise.
In announcing his departure, Frank Slootman said 78 words.
“Deliver on the opportunity ahead”
Frank Slootman stated: “As the leading cloud data platform, Snowflake is at the epicenter of the AI revolution. There is no better person than Sridhar to lead Snowflake into this next phase of growth and deliver on the opportunity ahead in AI and machine learning. He is a visionary technologist with a proven track record of running and scaling successful businesses. I have the utmost confidence in Sridhar and look forward to working with him as he assumes this new role.”
The above text is an excerpt from the exechange report 10.2024 ($), publication date March 4, 2024.