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.
Pitch, the company behind a collaborative presentation software for businesses, is scaling back and bootstrapping, with CEO and co-founder Christian Reber stepping down and two-thirds of its employees losing their jobs.
This translates roughly to 80 personnel, based on the 120 headcount figure Pitch has published on its about page.
As with just about every other VC-backed startup, Pitch has clearly faced challenging times in terms of maintaining growth and keeping their investors happy.
“Despite having more than 4 years of runway, we know that a sustainable path has a much higher chance of success than the path we were on,” Reber added.
“Going forward, we’ll be a significantly smaller team focused on creating maximum value for our customers and driving sustainable growth.”
Opendoor co-founder Eric Wu is stepping down to return to his startup rootsOpendoor co-founder Eric Wu is stepping down from the real estate tech company, according to an SEC filing.
In a statement, Wu said: “After ten years, I am called to get back to my startup roots and create and build again.
Last December, Wu announced he was stepping down from his role as CEO to serve as Opendoor’s president of marketplace.
In November 2022, Opendoor announced it was letting go of about 550 people, or 18% of the company, across all functions.
Jack Altman also announced he would be stepping down from Lattice, a software startup he founded in 2015.
Credit Karma co-founder and Chief Revenue Officer Nichole Mustard is leaving the company after 16-and-a-half years, TechCrunch has exclusively learned today.
Chief people officer Colleen McCreary left her role in January before joining Ribbit Capital as an investor in June.
Intuit closed on its $8.1 billion cash and stock purchase of Credit Karma in 2020 and things have been a bit bumpy since.
Last November, Credit Karma confirmed to TechCrunch that it had “decided to pause almost all hiring,” citing “revenue challenges due to the uncertain environment.” At that time, the company shared that all Credit Karma verticals had been “negatively impacted by macro uncertainty.
Credit Karma experienced further deterioration in these verticals during the last few weeks of the first quarter [of 2022].”In August, Intuit reported that Credit Karma had seen its revenue decline by 9% to $1.6 billion for the fiscal year ended July 31, 2023.
Orbex has announced that it is undergoing a change in leadership, with Managing Director Malcolm Ritchie taking on the additional role of CEO. The company says that this change will…
At Lyft, the co-founders, CEO Logan Green and president John Zimmer have overseen the company’s meteoric growth. They are stepping down from their roles by mid-April in order to focus…
