Frank Slootman is retiring as CEO of Snowflake, stock down 20%

In a significant leadership transition, Sridhar Ramaswamy, ex-Senior VP of AI at Snowflake, has taken the reins as CEO, succeeding Frank Slootman, who will continue his stewardship as Chairman of the Board.

Ramaswamy, a key player in Snowflake’s AI strategy and the mastermind behind its AI product, Snowflake Cortex, is poised to steer the company to new heights.

Slootman expressed his confidence in Ramaswamy’s visionary tech skills and his ability to guide Snowflake into its next growth phase, capitalizing on AI and machine learning opportunities. Ramaswamy, on the other hand, is eager to accelerate innovation delivery to Snowflake’s customers and partners.

Ramaswamy’s impressive tech industry pedigree includes leading Google’s advertising products and co-founding Neeva, the world’s first private AI-powered search engine. His stint at Google saw the advertising business skyrocket from $1.5 billion to over $100 billion.

Snowflake, a leading cloud data platform, empowers organizations to mobilize their data, unite siloed data, and execute diverse AI/ML and analytic workloads. As of January 2024, Snowflake’s Data Cloud is the engine behind thousands of businesses across various industries.