Dutch-born Frank Slootman is stepping down as chief executive officer of data company Snowflake effective immediately. He will stay on as chairman of the supervisory board.
The company announced this during the presentation of its financial figures. Slootman was appointed CEO of Snowflake in May 2019 and quickly became a familiar face within the company’s community. He led Snowflake to a successful IPO in 2020. Previously, he had experience taking companies public, such as ServiceNow.
Before Slootman joined Snowflake as general manager, he had announced his retirement. For now, it appears that Slootman will continue his business activities with positions on company supervisory boards.
Successor is already in place
Snowflake has been searching internally for a replacement and has found Sridhar Ramaswamy prepared for the position. Ramaswamy has worked at Snowflake since last year, joining after acquiring Neeva, a company that offers an AI-powered search engine. Ramaswamy previously served as Google’s head of ad products. His expertise in AI will come in handy in leading Snowflake. He can also count on the knowledge of Benoit Dageville, one of Snowflake’s founders who is still involved daily as President of Products.
As for the financial figures; Snowflake posted revenues of $774.7 million (€715 million) from November 2023 through January 2024. This is more than the $759.3 million expected by analysts. However, Snowflake expects product sales of $745 million to $750 million for the current quarter, \below market forecasts of $765 million. Customers are said to be spending less because of an uncertain economy.
This news caused Snowflake’s shares to plummet after trading hours. For example, a share was still worth $230 at the close of trading, while a share now costs about $183.
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