” Snowflake’s Chief Executive Officer Frank Slootman Resigns: The Hatred of Wall Street

Apparently Frank Slootman, the veteran tech executive, was popular with investors, at least judging from their reaction that he will be stepping down as CEO of Snowflake. The company stock price has plunged over 24% in after hours trading on the news. Slootman came on board in 2019, taking over for veteran executive Bob Muglia, and was charged with taking the company public the following year. In fact, Fortune reported that the chief executive was making an eye popping $95 million a month at one point. Prior to coming to Snowflake, he spent six years as chairman and CEO at ServiceNow.

It seems that Frank Slootman, a seasoned tech executive, has made quite an impression on investors. The news of his departure as CEO of Snowflake has caused quite a stir in the market, with the company’s stock price plummeting by over 24% in after-hours trading.

Slootman will now transition into the role of chairman of the board, while Sridhar Ramaswamy, the former head of Google Ads, will be taking over as the new chief executive. Ramaswamy joined Snowflake when the company acquired AI search engine Neeva last year.

Amidst the news of this executive shuffle, the company’s earnings report went unnoticed. According to the report, Snowflake saw an impressive 33% increase in revenue, reaching $738 million. The guidance for the next quarter is projected to be between $745 and $750 million, with a growth rate of 26-27%.

In 2019, Slootman took over as CEO from veteran executive Bob Mugli and was tasked with taking the company public the following year. During his tenure, Snowflake’s stock performance has been quite promising, with a growth of around 50%. However, due to today’s negative market reaction, it is difficult to determine the exact percentage.

Slootman’s compensation package also made headlines. With a base salary of $375,000, and a lucrative stock option, he was reportedly making an astounding $95 million per month, as reported by Fortune.

“Diversity should not overlook merit,” Slootman famously told a reporter in 2021. However, after receiving backlash from industry peers, he later clarified his comments.

Prior to his time at Snowflake, Slootman spent six years as chairman and CEO of ServiceNow. With his hefty compensation package, perhaps he will choose to retire and enjoy his wealth.

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Ava Patel

Ava Patel is a cultural critic and commentator with a focus on literature and the arts. She is known for her thought-provoking essays and reviews, and has a talent for bringing new and diverse voices to the forefront of the cultural conversation.

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