Prior to founding Snowflake, Benoit was with Oracle for over 10 years as a lead architect for parallel execution in Oracle RAC and a key architect in the SQL Manageability group. The board was the one telling me to spend money, the board was just as strongly behind this. With Scarpelli's help, Slootman started cutting costs. Around the same time, he began meeting with research analysts who would wind up setting bullish prices for the IPO. This stock is being completely driven by the Robinhood crowd., Perhaps Slootmans greatest triumph so far: selling both outside experts and those within the company on the possibilities of Snowflake 2.0, its shift from being a data warehouse to more of a data hub on which businesses can securely (and temporarily) share information with each other, develop apps and feed their data into artificial intelligence tools. Jeremy also served as Veritas Executive Vice President of Data Management Group and Chief Marketing Officer. As in sailing, the By Labor Day, it had become clear that Frank Slootmans third initial public offering would not be like the other two. Im more interested in why you returned to the CEO frontline than the specific possibilities at Snowflake. John was responsible for $1.4B in annual revenue, when he served as Senior Vice President of Worldwide Sales and Services at BMC Software. Analysts say it continues to beat Amazon and the tech giants products head-to-head; as Snowflake gets bigger, it can negotiate better rates, too, driving down its operating costs. Muglia received two days' notice before Slootman was introduced to employees in an all-hands meeting. Overnight, Slootman's 5.9% stake became worth billions, and Snowflake was established as an elite Silicon Valley player it was briefly valued more highly than IBM at one point not long after its IPO, though its stock price has declined more than 13% since the beginning of 2021. Slootman brought this combative spirit to Snowflake, cutting spending and people he deemed unnecessary, insiders said. Forthright Slootman was brought into the world on October 3, 1958, and is 61 years of age as of September 2020. Blocks & Files: You were effectively a startup CEO at Data Domain. A standout economics student at Erasmus University Rotterdam, Slootman finished school a year early to pursue internships in the United States. So after a while Im, like, Instead of bitching about it, Ill just stick to these train wrecks and show you what I can do with them.. I do prefer the earlier stages of growth. However, at the age of 26, Frank moved to the USA in 1984 to work for Burroughs. Country of residence : Unknown. the board gives me the chairman title or not does not matter. "You've got all the social-justice issues and all the politics that go with that," he said. briefly valued more highly than IBM at one point not long after its IPO, Slootman said of San Diego's laid-backness, valued the company at more than $2 billion. Along the way, investors witnessed his brusque leadership style firsthand when Leone made the mistake of interrupting Slootman with unprompted advice in a board meeting. this valuation by any means. With more than 30 years of networking experience, she is the recipient of numerous awards including E&Ys Entrepreneur of the Year in 2015, Barrons Worlds Best CEOs in 2018 and one of Fortunes Top 20 Business persons in 2019. The seven-day competition, the Transpacific Yacht Race, was a test of both mental and physical stamina, in which he navigated his boat with a 10-person crew while cold, wet, and sleep-deprived. Snowflake, while not yet generating $1 billion in annual revenue, leaped into the Cloud Wars Top 10 several months ago and . Read it now on the O'Reilly learning platform with a 10-day free trial. Blocks & Files: When you became chairman and CEO at Snowflake were you feeling restive? A 20-year veteran of the IT industry, Jeremy joined EMC from Serena Software, where he was President and CEO. Benoit is a leading expert in parallel execution and self-tuning database systems. Since the start of the pandemic nearly a year ago, there's been one word on the lips of every business leader, analyst, and investor around the world: cloud. With a few million dollars left in the bank, we Time will tell, of course. I learned from that experience that I dont want to be in an elevator thats going down, he says. I worked on the merger of Burroughs and Sperry which became Unisys. Chief Marketing Officer. Further, Frank also shed some lights on his early work experience at Burroughs. temperament that needs an outlet I guess, but I never really decided to I am truly a hybrid Dutch-American. "CEOs can sometimes suffer from a kind of weakness where they want to be liked," Asheem Chandna, a software investor at Greylock and a friend of Slootman, told Insider. A representative for Snowflake declined to comment for this article. After all, the former Snowflake executive said Slootman made it crystal clear that his No. After that, Frank attended Erasmus University Rotterdam where he studied for more than 7 years from 1978 to 1985. Its [always] been too late. Approximately 80% of the Fortune 500 turn to Deloitte for strategies that create shareholder value. Founded by billionaire Fred Luddy, ServiceNow was cash-flow-positive and doubling revenue, but understaffedanemic, as Slootman now says. That doesnt It currently boasts a market capitalization of $81 billion on trailing sales of roughly $580 million. O'Reilly members get unlimited access to books, live events, courses curated by job role, and more from O'Reilly and nearly 200 top publishers. Chief Revenue Officer. Slootman once again led with sales as a bridge to a better product. That led to Data Domain. In addition, her organization managed finance for the companys supply chain, marketing, corporate communications, operations, HR, and IT groups. Mike Scarpelli. Prioritizing the development of raw talent with high upside, Slootman was able to stabilize Compuware. . How would you define your role? Most people have no clue what really goes on in board rooms. In July 2017, two years before he took over as the chief executive of Snowflake, Frank Slootman raced 2,225 miles across the Pacific Ocean, from the California coast to the Hawaiian island of Oahu . The assignment itself was another challenge: Compuware was bleeding employees to Silicon Valleys emerging powers. Stay up to date with what you want to know. From 2011 until 2018, Mark served as Chief Executive Officer and Chairman of the Board of Palo Alto Networks, a global cybersecurity company, and as Vice Chairman of the Board until December 2022. A CEO must lead a board, period. Stay up to date with what you want to know. Blocks & Files: Do you believe it best or necessary for yourself that the chairman and CEO roles be combined? Christian Kleinerman is a database expert with over 20 years of experience working with various database technologies, currently serving as Senior Vice President of Product at Snowflake. We'd all just roar with laughter. And Frank got tired of it. 2 min read. The former sailor runs pre-IPO companies like a tightly rigged high-performance watercraft, a captain with extreme confidence who will throw overboard anyone who shows the mildest mutinous inclination. This is the fundamental premise of a hard hitting new book written by Frank Slootman, chief executive of Snowflake Inc., and published earlier this year. After his retirement from ServiceNow, Slootman poured millions into his sailing hobby, people familiar with his sailing operation said. Denise holds a BA in Business Administration and Economics from Stockholm University, and holds an MBA from Georgetown University. Snowflake CEO Frank Slootman is the toast of the big data community, and following the $3.4 billion IPO, a favorite on Wall Street too. At Snowflake, Muglia moved fast to get the company into the market, pricing it to match Amazon Web Services by-the-second consumption model, which offered a pay-as-you-go alternative to a subscription, then targeting customers of Amazons own rival product, Redshift. Previously, Sunny has held leadership roles at VMWARE, JDSU, Deloitte Consulting and Andersen Consulting. The son of a military veteran and an artist, Slootman studied economics at Erasmus University in Rotterdam, Netherlands, before moving to the US with a dream of working for IBM, the CEO told Forbes. Many of them found a May 2018 LinkedIn post by Slootman in which he compared working at the cloud-service firm ServiceNow and the data-storage company Data Domain to being in the Marine Corps. I helped the company move its software to non-mainframe platforms that started to emerge on UNIX in the late 80s. In a 2014 interview, he said he relocated the company north to tap into a larger talent pool but also because San Diego's culture was too relaxed. That's it.". In 2019, Slootman's boat manager, the former Olympic sailor Gavin Brady, was investigated by World Sailing, competitive sailing's governing body on suspicion of concealing modifications he made to another owner's boat. Save my name, email, and website in this browser for the next time I comment. In 2016, Slootman donated $250 to Ryan Zinke, the Interior secretary of President Donald Trump who stepped down in 2018 while he was the subject of several ethics investigations. I worked on the merger of Burroughs and Sperry which became Unisys. Eight years later, with Snowflake, he had to do it over Zoom. "For many, this is very attractive," Slootman said of San Diego's laid-backness. Kate Bullinger, who advises CEOs and companies on corporate culture at Weber Shandwick's United Minds consultancy, told Insider that a CEO dismissing or ignoring social issues could harm the company's ability to attract and retain talent. This stock is being completely driven by the Robinhood crowd.. Before being named CFO in 2015, Kramer was Senior Vice President of Business Technology and Operations Finance, partnering with the Development organization across business groups, segments, and operations on strategic long-range planning, budgeting, and forecasting new-offer development, as well as the analysis and strategy of product pricing. My eyes are on the horizon., Covering venture capital, cloud and startups. ISBN: 9781119836117. He had built a monster and Data Domain still dominates the purpose-built backup appliance market, 11 years on. ability to rapidly shift so-called modes is crucial. In June 2012, ServiceNow became a publicly-traded company as Frank Slootman led the company through a $210 million IPO. He owns 5.9% of Snowflake. Slootman's pay includes more than 13.7 million options with a strike price of $8.88. "In the Bay Area, by contrast, it is raw ambition, singular drive, and unbridled capitalism in action.". Dominic Ruso, ServiceNow's former vice president of finance, replaced Balaguras. by Frank Slootman. is situational. It was founded in July 2012 and was publicly launched in October 2014 after two years in stealth mode. Source of Wealth Software, Self . Under his sales leadership, Snowflake has grown its annual product revenue from $0 to over $1 billion. degree from UCLA and a J.D. Here's how he makes and spends his fortune. Genevieve Haldeman, the vice president of corporate communications at ServiceNow between 2014 and 2016, said she felt that Slootman's leadership style could make for an abrasive workplace. She served as a member of the Executive Committee of the Bay Area Council, and the boards of directors for the California Academy of Sciences and the University of Arizona Eller College of Management. Each member maintained a grueling schedule of three hours on deck followed by three hours of sleep, 24 hours a day. COVID-19 fundamentally changed the way businesses operate. The reason for which he describes as, The energy, buoyancy, and temperament in this country greatly appeal to me. By the close of Snowflake's first day of trading, its stock had shot up as much as 165%. Key Learnings from: Narrow the Focus, Increase the Quality. A financial, digital, and M&A expert with a uniquely broad and deep perspective into the challenges facing many of the worlds most innovative companies, Teresa built Deloittes U.S. West Region into a $3.0B business. Why do you, as it appears, prefer that? In a December talk with Foundation Capital, Slootman said he had had "zero plans" to take on another CEO job. I could not resist having an opportunity to bring something Slootman was winning so often that rumors started swirling that he had to be cheating. See Bio. I just kind of fell into it," he said. Talking about his decision to come to the states, Frank expressed in an interview; how he had never worked in the country where he was born. It is highly unusual for a board to make leadership changes in a company that is In the past Mr. Slootman occupied the position of Chairman at ServiceNow, Inc., Principal at Compuware Corp., General Manager for Ecosystems SRL, Partner at Greylock Partners LLC, President & Chief Executive Officer at Data Domain, Inc., Senior Vice President-Products at Borland Software Corp., President-Backup Recovery Systems Division at EMC Corp., Principal at Burroughs Corp. and Venture Partner at Greylock Management Corp. We may never exactly know why the investors of Snowflake unceremoniously dumped its chairman and CEO Bob Muglia, just a few months after a $450m funding round that valued the cloud data warehouse startup at $3.5bn. Otherwise, Im going to go ahead and run the company.. Under the companys Amazon-style pricing, customers could easily expand their usage over time. Slootman, who took over Snowflake in April 2019, had been as ruthlessly efficient with the rest of the process. Teresa Briggs is a senior executive with deep experience in strategy, business transformation, and governance. Then came stints as a products executive at the software companies Compuware Corp. and Borland Software, after which Slootman landed his first Silicon Valley CEO gig in 2003 at Data Domain. He retired from Adobe in April 2018. The company promised to do for data warehouses, which then lived on customers own servers, what Amazon Web Services had done for data storage. He holds a BA from the University of Delaware. After the Data Domain acquisition, Slootman spent two years inside EMC as president of the Backup and Recovery Systems Division. Snowflake Inc. CEO Frank Slootman apologized in a blog posted on Monday about comments he made to Bloomberg TV last week in which he said diversity should be . Greg has a PhD in Computer Science from Cornell University, an MBA from UC Berkeley, and an undergraduate degree from AGH Krakow, Poland. "They don't need me to have bathrooms with all kinds of unintelligible signs on it for what bathroom you're supposed to use," Slootman said. Slootman retired in 2017, but the break was short-lived. He has more than 15 years of management and leadership experience. We were seen as the He settled on a fast-growing but under-the-radar software startup based in Santa Clara called ServiceNow. To his relief, Begun told him a few weeks later that the new CEO valued his hustle and loyalty to the product. He spent 13 years at Oracle focused on the optimization and parallelization layers in Oracle databases including as lead for the optimization group. Frank Slootman currently serves as Chairman and CEO at Snowflake. Slootman told CNBC in October that he had no time for Silicon Valley's "lattes and neck rubs" culture. Frank Slootman Net Worth, Wiki, Bio, Family, Age, Wife / . Teresa previously served as a Vice Chair & West Region and San Francisco Managing Partner of Deloitte, and as Managing Partner, Silicon Valley. An IPO is a blip on the radar, a mile marker during the marathon, he says now. But behind the scenes, months before WeWorks epic IPO-attempt flameout helped make profitability cool again, Snowflake was shaping up to become the tech industrys next great cautionary tale. president and CEO at Data Domain between June 2003 and July 2009. The IPO was the third for Slootman, who moved to California for a job at Compuware in the dot-com boom, then worked at Borland Software. Slootmans my-way-or-the-highway attitude caused a stir when he arrived at Snowflake on April 26, 2019, hours after cofounders Benoit Dageville and Thierry Cruanes informed well-liked CEO Bob Muglia, a Microsoft veteran, that his services were no longer required. They were all out there to foul us, to do whatever they can to trip us up. I never worked in Holland, but was born, raised and educated there. Everyone, that is, except Slootman. He barely slept, said Ruben Gabriel, one of the crew. ", "You know, he's this very formal, educated, Dutch, driven, business executive, right?" She currently serves on the boards of ServiceNow (NYSE: NOW), Warby Parker and Snowflake. Slootman came on board in early May 2019 and started his sterling resume in the enterprise software world. Born in the Netherlands to a military veteran and a portrait artist, Slootman had a childhood regimented by high academic achievement and racing sailing dinghies. But sailing couldn't keep him occupied for long. "They love to just do a victory lap. time I joined, Data Domain had about 20 employees, no customers, no revenues, Following the sale, he became Senior Vice President and CFO of EMCs Software Group. Harnessing the clouds flexible computing output as if it were one giant supercomputer, Snowflakes software could locate and organize customers increasingly large amounts of dataconsumer information, product sales, employee overheadthen help make sense of it all quickly and cheaply enough to make it truly useful. I am truly a hybrid Dutch-American. His sailing group which included the Hong Kong business mogul Karl Kwok and the real-estate investor Manouch Moshayedi gradually dissolved amid squabbles over rules. Frank Slootman, CEO of Snowflake, on the day of its 2020 IPO, Sept. 16th, 2020. Working with a wide range of clients including TPG, Nordstrom, Yelp, McKesson, and PG&E, Teresa earned her reputation as one of the most trusted advisors in the Bay Area. What is the appeal of that? felt it not equitable for customers. Talk to him at length, though, and watch the patterns, and you can see thats not true. President Barack Obama appointed him to serve on the Presidents National Security Telecommunications Advisory Committee in January 2011, and he served on this Committee until April, 2023. Frank's the type that he just doesn't take any bullshit, and there was some shit going on and he said, 'OK, I'm done.' She would also help a board address key issues including digital transformation, human capital, governance, and M&A. By 1998 Slootman was running Compuwares California office amid the dot-com boom. Scarpelli holds a bachelors degree in economics from the University of Western Ontario. "But he felt as though he were a minority given that he was an immigrant," the former employee said. Frank Slootman currently serves as Chairman and CEO at Snowflake. from Seattle University School of Law. When Slootman took ServiceNow public in 2012, he rang the NYSE bell in person. Slootman: Snowflake there was an element of restive, people like me have an outsized combative Before Google, Greg spent six years at Sun Microsystems, working on Java runtime environments and operating systems. I was rejected at least a dozen times by IBM. Wikitia is not affiliated to Wikimedia Foundation. Theyve clearly shown they Data Domain was a venture backed storage company founded in late 2001, grew at record pace to an IPO on NASDAQ in 2007 and was acquired by EMC . Slootman: Suppose Denise also helped lead Genesys through its expansion to become a successful IPO and acquired company. Sign up for notifications from Insider! The board, including Doug Leonean investor on Forbes Midas List and Sequoias coleader at the timetasked Slootman with doing for ServiceNow what he had just done for Data Domain. Similar is the scenario with his married life. and a few units in field test. See Bio. I have never crossed paths with Larry Ellison on the sailing front although Ive had many crew over the years who sailed with Larry. Snowflake is a cloud data-warehouse-as-a-service company operating in a sector expected to grow to $4.69bn revenues by 2024. Slootman: Whether She is a frequent speaker on topics including corporate board diversity, sponsorship and inclusion, and was a Stanford Entrepreneurial Thought Leaders speaker. 10 Facts About Frank Slootman. The book . We may never exactly know why the investors of Snowflake unceremoniously dumped its chairman and CEO Bob Muglia, just a few months after a $450m funding round that valued the cloud data warehouse startup at $3.5bn. From 2017-2019, he was Vice President, Legal at ServiceNow, where he was responsible for corporate, securities, and M&A. 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Presents at Goldman Sachs Communacopia + Technology Conference 2022, Sep-14-2022 03:45 PM. character and had an email interview opportunity. During the next six years, Data Domain grew Doug, thank you for that comment, Slootman replied. Chris serves as Snowflakes Chief Revenue Officer and has been with the company since 2013. This story appears in the March 31, 2021 issue of Forbes Magazine. Slootman: My role Which was then followed by his association with Compuware and software company Borland. Frank served as President of the Backup Recovery Systems Division at EMC following the acquisition of Data Domain Corporation/Data Domain, Inc., where he served as the Chief Executive Officer and President, leading the company through an IPO to its acquisition by EMC for $2.4B. At the Snowflake CEO Frank Slootman, former CEO Bob Muglia, and cofounder Benoit Dageville are now billionaires after the data storage firm's blockbuster IPO, Forbes reported. Chris Degnan. through the acquisition of Bix, where he served as CEO. were months away from running out of money. When you win, nobody can hurt you. Slootman, 62, took over a nondescript conference room on the second floor of Snowflakes Dublin, California, office, embarking on a series of meetings that now rank with Mark Zuckerbergs Harvard dorm coding sessions in terms of value per hour. Slootman returned to executive responsibilities in April 2011, taking the chairman and CEO roles at the cloud service company ServiceNow. And it was the right thing to do," Muglia recently told Forbes. by Laura Draper, Head of Content. Frank has over 25 years of experience as an entrepreneur and executive in the enterprise software industry. Data Domain was running out of money; its technology, while theoretically more powerful than the existing alternatives, ran prohibitively slowly. Chief revenue officer Chris Degnan figured his lack of experience in such a structured sales organization would be enough for Slootman to show him the door. Under his tenure, Snowflakes customer count grew from 80 in June 2015 to more than 1000 in January 2018. He holds a BS and MBA from University of San Francisco, and Executive Education in Leadership and Technology from Stanford University. These are people we knew from previous rodeos, Slootman says with a shrug. We sailed straight in. [2], In May 2019, Frank Slootman joined Snowflake Inc. as its CEO. He previously served as Senior Vice President of Finance and Business Operations of the Backup Recovery Systems Division at EMC from July 2009 to August 2011, after EMC acquired Data Domain where he served as CFO for three years. His second: parting ways with anyone who seemed fond of palace intrigue or who didnt deliver precisely on their word. From September 2019 through August 2020, Teresa is enrolled as a Fellow at Stanford Universitys Distinguished Careers Institute. In 2003, he became CEO of storage startup Data . I hired on with Burroughs instead. After an internship in the fake-leather industry in Indiana, Slootman made his first stride into the tech industry in Detroit, where he started working at Burroughs Corp., one of the largest computer makers at the time. However, at the age of 26, Frank moved to the USA in 1984 to work for Burroughs. Forbes reports that Slootman turned into a very rich person with a net worth of $1.8 billion in September 2020 as Snowflake shares took off 115% in the IPO. He recalled one instance when Slootman referred to ServiceNow's customers as its "homies. Frank Slootman is the CEO of the Cloud-based data storage company Snowflake. Slootman, 62, took over a nondescript conference room on the second floor of Snowflake's Dublin, California, office, embarking on a series of meetings that now rank with Mark Zuckerberg's . "He was the king of the hill. Between 2011 and 2017, Slootman was Chairman and CEO of ServiceNow - one of the world's leading SaaS . He joined Yahoo! sales barrier in less than seven years, adding more than one thousand employees Slootman knows exactly what he's doing. Prior to joining Snowflake, she served as CMO for Apigee, an API platform company that went public in 2015 and Google acquired in 2016. The job of the board is to hire and fire the CEO. Tell me more, Asheem.' Prior to that, Frank served as President of the Backup Recovery Systems Division at EMC following an acquisition of Data Domain Corporation/Data Domain, Inc., where he served as the Chief Executive Officer and President, leading the company through an IPO to its acquisition by EMC for $2.4B. Frank Slootman is the biggest Snowflake of them all. As Executive Vice President and CFO, Mark co-led Documentums $1.7 billion sale to EMC. I need to spend the little bit of time I have left over with my family, not sailing. Slootman's investor friend Chandna recalled when the CEO stopped by his home recently. Benoit has a PhD in Computer Science with a focus in Parallel Database Systems and is a named inventor on more than 100 patents. Frank has always refrained from talking about them even in his interviews. As reported by Forbes, the company has been raising billion on the ongoing pandemic and its shares are crossing more than $30 billion. In 2019, before the company went public, Slootman made more than $60 million in total compensation. I was never a mainframe guy. Every other CEO of a company's making statements about how they support diversity, but you're not doing anything.'".
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