"Snowflake CEO Frank Slootman Retires, Stock Plunges Amid Weak Sales Outlook"
TL;DR Summary
Snowflake Inc. CEO Frank Slootman is stepping down from his role after delivering a disappointing sales forecast, causing the company's stock to tumble. Senior vice president of AI, Sridhar Ramaswamy, will take over as CEO, with a focus on AI strategy. Despite the weak forecast, Snowflake's fiscal fourth-quarter results were stronger than anticipated, with product revenue increasing 33% to $738.1 million. Slootman will remain as board chairman, while Ramaswamy is set to receive about $100 million in stock awards over the next five years.
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