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seemingly Frank Slootman , the veteran technical school executive , was democratic with investors , at least judging from their reaction that he will be tread down as CEO of Snowflake . The company stock price has steep more than 20 % in after - time of day trading on the news .
Slootman will retreat into the role of chairman of the gameboard , while Sridhar Ramaswamy , former brain of Google Ads , who came to the company when it boughtAI search locomotive engine Neeva last year , will take over as main executive .
Constellation Research psychoanalyst Holger Mueller say Slootman was always a inadequate - term root . “ He was always going to be a transition CEO , induce Snowflake ready for IPO , take them public and then moving on , ” Mueller told TechCrunch . “ What Snowflake now needs is a CEO who can navigate the difficult architecture challenge that are ahead for any data vender in the AI era . ”
He believes that Ramaswamy is that person . “ He is more technical and has solved big problem with Neeva . It ’s a electrical switch from business to proficient leadership , but he has enough clientele acumen too , ” he said .
Lost in today ’s executive make was the ship’s company ’s earnings . It describe revenue of $ 738 million , up a salubrious 33 % yr over year with direction for the next quarter of between $ 745 and $ 750 million , with growth of 26 - 27 % .
Slootman amount on board in 2019 , take over for veteran administrator Bob Muglia , and was charged with have the company public the following class . Over the last year , the breed has done well , up around 50 % ( the exact amount is hard to state with this afternoon ’s downward helix ) , as many tech caudex recover from 2022 stagnation .
He was famously well - compensated , with a base salary of $ 375,000 and a rather attractive store option . In fact , Fortune reportedthat the main administrator was wee-wee an eye - popping $ 95 million a calendar month at one point .
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Prior to come up to Snowflake , he spent six age as chair and CEO at ServiceNow . With all that hard cash , perhaps he ’ll retire and enjoy his money .