4 ms·

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

34 points by coloneltcb 3y ago

ghaff 3y ago
I assume this is less about an individual retiring as it is about the assumption that something is going on that caused the individual to retire.
- StriverGuy 3y ago
  Could very well just be about Slootman retiring. He is considered one of the most savvy and aggressive tech ceos out there and is arguably impossible to truly replace.
  - johan_larson 3y ago
    > He is considered one of the most savvy and aggressive tech ceos out there By whom? I used to work at Snowflake, and from what I remember people on the inside were far more excited about the founders than they were about the CEO. I got the impression that he was meeting expectations for the CEO job, but no more. Though that's a pretty high bar, given position of the company and the industry.
- creaghpatr 3y ago
  Possibly, but Slootman had a personal brand from his book Amp it Up that came out recently. The book (which he wrote) obviously painted himself as a transformative executive, which I don't necessarily disbelieve. Personally, I thought the book was good though it advocates a sort of David Goggins-esque "Stay hard" approach to company culture, for better or worse.
  - glimshe 3y ago
    Not my site, but immediately useful to me when you mentioned this book: https://www.bookpecker.com/book/14673-amp-it-up https://www.bookpecker.com/book/14673-amp-it-up
- deleted 3y ago
  [deleted]
- hackitup7 3y ago
  He came out of retirement for this job, so the market certainly knew that his retirement was possible (although maybe not imminent). These sorts of transitions take time, when you're the CEO of a $75B public company you typically don't up and quit because you see some bad news on the horizon. Especially not when you have such a stellar reputation and are already a billionaire. Slootman didn't need this job. Snowflake also missed on guidance.
  - splitstud 3y ago
    [dead]
- hodgesrm 3y ago
  Maybe, but Slootman is genuinely good at running this type of company and pushes people to do outstanding work. I've met a number of Snowflake people and they were uniformly excellent. The company knows how to hire well. That's something that comes from the top.
- hodgesrm 3y ago
  Not mentioned in the article but the retirement could be health-related--either him or a near relative. The numbers don't justify a quick CEO switch.
nine_zeros 3y ago
[flagged]
- mp05 3y ago
  That's not what a golden parachute is. That is a compensation package meant to protect executives when terminated for things that aren't necessarily performance-related. This guy was hired to take this company public. He did this and now he's leaving. I get from your tone that you disapprove of this but I am sure you just don't understand the conditions of his departure, right?
  - nine_zeros 3y ago
    I am not sure what about my tone conveyed disapproval. All I was saying is that it must be really nice to be in a position where your departure is still covered with compensation. The man could have had health issues and left under dire personal circumstances. Still, it is nice to have the parachute.
    - mp05 3y ago
      Where in the article was it discussed how Snowflake offered him some extraordinary compensation at his departure? Not seeing anything about it.
- jprd 3y ago
  There are times where I feel the community here sways between the drive to have this outcome, and just pure nerdery for its own sake.
cjbenedikt 3y ago
https://www.forbes.com/sites/alexkonrad/2021/02/01/the-outsider/?sh=15599018702d https://www.forbes.com/sites/alexkonrad/2021/02/01/the-outsi...
deleted 3y ago
[deleted]
djohnston 3y ago
I always whine about how CEOs are overvalued and usually don't have that much impact. I suppose I should put my money where my mouth is and buy tomorrow.
deleted 3y ago
[deleted]
HermitX 3y ago
I've read his book 'Amp it Up,' and I think it's pretty good. However, I would still recommend that all Snowflake users pay attention to your costs. Here is a plan that could save you 80% on costs, worth checking out. https://medium.com/p/deb87aa69bc5 https://medium.com/p/deb87aa69bc5

34 points by coloneltcb 3y ago

I assume this is less about an individual retiring as it is about the assumption that something is going on that caused the individual to retire.

StriverGuy 3y ago
Could very well just be about Slootman retiring. He is considered one of the most savvy and aggressive tech ceos out there and is arguably impossible to truly replace.
- johan_larson 3y ago
  > He is considered one of the most savvy and aggressive tech ceos out there By whom? I used to work at Snowflake, and from what I remember people on the inside were far more excited about the founders than they were about the CEO. I got the impression that he was meeting expectations for the CEO job, but no more. Though that's a pretty high bar, given position of the company and the industry.
creaghpatr 3y ago
Possibly, but Slootman had a personal brand from his book Amp it Up that came out recently. The book (which he wrote) obviously painted himself as a transformative executive, which I don't necessarily disbelieve. Personally, I thought the book was good though it advocates a sort of David Goggins-esque "Stay hard" approach to company culture, for better or worse.
- glimshe 3y ago
  Not my site, but immediately useful to me when you mentioned this book: https://www.bookpecker.com/book/14673-amp-it-up https://www.bookpecker.com/book/14673-amp-it-up
deleted 3y ago
[deleted]
hackitup7 3y ago
He came out of retirement for this job, so the market certainly knew that his retirement was possible (although maybe not imminent). These sorts of transitions take time, when you're the CEO of a $75B public company you typically don't up and quit because you see some bad news on the horizon. Especially not when you have such a stellar reputation and are already a billionaire. Slootman didn't need this job. Snowflake also missed on guidance.
- splitstud 3y ago
  [dead]
hodgesrm 3y ago
Maybe, but Slootman is genuinely good at running this type of company and pushes people to do outstanding work. I've met a number of Snowflake people and they were uniformly excellent. The company knows how to hire well. That's something that comes from the top.
hodgesrm 3y ago
Not mentioned in the article but the retirement could be health-related--either him or a near relative. The numbers don't justify a quick CEO switch.

nine_zeros 3y ago

[flagged]

mp05 3y ago
That's not what a golden parachute is. That is a compensation package meant to protect executives when terminated for things that aren't necessarily performance-related. This guy was hired to take this company public. He did this and now he's leaving. I get from your tone that you disapprove of this but I am sure you just don't understand the conditions of his departure, right?
- nine_zeros 3y ago
  I am not sure what about my tone conveyed disapproval. All I was saying is that it must be really nice to be in a position where your departure is still covered with compensation. The man could have had health issues and left under dire personal circumstances. Still, it is nice to have the parachute.
  - mp05 3y ago
    Where in the article was it discussed how Snowflake offered him some extraordinary compensation at his departure? Not seeing anything about it.
jprd 3y ago
There are times where I feel the community here sways between the drive to have this outcome, and just pure nerdery for its own sake.

cjbenedikt 3y ago

https://www.forbes.com/sites/alexkonrad/2021/02/01/the-outsider/?sh=15599018702d https://www.forbes.com/sites/alexkonrad/2021/02/01/the-outsi...

deleted 3y ago

[deleted]

djohnston 3y ago

I always whine about how CEOs are overvalued and usually don't have that much impact. I suppose I should put my money where my mouth is and buy tomorrow.

deleted 3y ago

[deleted]

HermitX 3y ago

I've read his book 'Amp it Up,' and I think it's pretty good. However, I would still recommend that all Snowflake users pay attention to your costs. Here is a plan that could save you 80% on costs, worth checking out. https://medium.com/p/deb87aa69bc5 https://medium.com/p/deb87aa69bc5