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

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Frank Slootman, CEO of Snowflake, on the day of its 2020 IPO, Sept. 16th, 2020.

CNBC

Snowflake said Wednesday that CEO Frank Slootman is retiring, and will be replaced by Google ad chief Sridhar Ramaswamy. The shares plunged 20% in extended trading.

Ramaswamy spent 15 years at Google, most recently leading Ads and Commerce until 2018. He then left to co-found Neeva in 2019, a consumer search engine he hoped to rival Google until last year, when he announced he was shutting it down. 

Snowflake acquired Neeva in June for an undisclosed price.

“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,” Slootman said in a statement. “He is a visionary technologist with a proven track record of running and scaling successful businesses.”

This is breaking news. Please check back for updates.

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