Snowflake CEO Change

SNOW announced it’s CEO Frank Slootman is retiring along with earnings. The guidance is conservative and along with CEO change means the stock dropped from $230 to $180 in after hours. The company announced Sridhar Ramaswamy as the new income CEO. Sridhar was SVP of ad at Google for 15 years and left Google and eventually started Neeva a search engine and when the Neeva pivoted to enterprise, it was acquired by Snowflake. Sreedhar was in charge of AI at Snowflake. Now we are seeing Sridhar’s ascension to CEO. There were folks who were arguing the reason snowflake bought Neeva is to acquire Sridhar, may be there is some truth to it.