Summary by Moomoo AI
On February 27, 2024, Snowflake Inc. announced a significant change in its executive leadership. Frank Slootman retired from his role as Chief Executive Officer and was succeeded by Sridhar Ramaswamy. Despite stepping down as CEO, Slootman will continue to serve as the Chairman of Snowflake's board of directors. Ramaswamy, who has a rich background in technology and leadership, including roles at Google and as CEO of Neeva Inc., will also join the board as a Class III member. Alongside his appointment, Ramaswamy entered into an amended employment agreement with Snowflake, which includes a base salary, incentive bonuses, and substantial equity awards, with specific terms for vesting and restrictions. His qualifications for the CEO position are supported by his extensive experience in cloud infrastructure, artificial intelligence, and machine learning.