Frank Slootman net worth: Fortune explored as Snowflake CEO retires

Frank Slootman has recently stepped down as CEO of the cloud company Snowflake Inc. Forbes magazine states that he joined the company in 2019, and his net worth is estimated to be around $3.7 billion. He was previously employed at companies such as Data Domain and ServiceNow.

He is being replaced by the CEO of search engine Neeva, Sridhar Ramaswamy. Slootman described Ramaswamy as a "visionary technologist" who has managed to operate a lot of businesses over the years, as per CNBC. He continued:

"There is not better person than Sridhar to lead Snowflake into this next phase of growth and deliver on the opportunity ahead in AI and machine learning."

Snowflake additionally announced the arrival of Ramaswamy through their official page on X, writing that he would help the company "deliver on the huge opportunity ahead in AI and ML."

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Frank Slootman has accumulated a lot of wealth from his career in different companies

Although Frank Slootman gained recognition for his work at Snowflake, he has served multiple companies in the past. His LinkedIn profile states that he finished his higher studies at Erasmus University Rotterdam.

He was the president of companies such as Data Domain Inc. and EMC. In 2011, he joined ServiceNow, where he served as chairman and CEO until 2017.

As mentioned earlier, he came to Snowflake in 2019. Fortune reported in December 2020 that when he first arrived at Snowflake, his compensation package had four options that sum up to $95 million. Frank's annual earnings were reported to be $375,000.

His earnings witnessed an increase the following year, along with his net worth, which was $2.1 billion, as per Forbes magazine. Frank Slootman earned $23.7 million last year, but his company suffered losses worth $275.5 million towards the end. However, he remained the owner of a few shares priced at $10.6 million.

The 65-year-old also became popular as the author of a book titled Amp It Up: Leading for Hypergrowth by Raising Expectations, Increasing Urgency, and Elevating Intensity.

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Sridhar Ramaswamy's arrival and the future of Snowflake

Frank Slootman's exit from Snowflake is trending in the headlines, but he will remain the Chairman of the Board, as per Business Wire.

Sridhar Ramaswamy is now joining as the CEO, and he shared a statement that reads that the company would help the customers "leverage AI to deliver massive business value."

Ramaswamy also shared a post through his official account on X and wrote:

"I am excited by the expansiveness of our vision around a true Data Cloud: where data and applications come together for our customers and our developers partners."

Sridhar is known as the co-founder of Neeva, a search engine that does not have advertisements, as per The New York Times. Speaking on the reasons for building such a platform, Ramaswamy said that there were more ads on Google search results, which turned out to be a problem for smartphone users.

According to Search Engine Journal, Neeva was launched in 2019 and managed to accumulate millions of users in four months.