Muglia was no slouch: an engineer who was one of Microsoft’s four presidents before Steve Ballmer replaced him with Satya Nadella. Slootman likes to say that he doesn’t have a formula, even after having pulled off similar magic at both Data Domain and ServiceNow. Grant Shambo. A Division of NBCUniversal. With Snowflake’s supercharged IPO this week, Chief Executive Frank Slootman has achieved a rare investment trifecta: delivering three of the hottest tech public stock offerings of their time. thumb_up 0. thumb_down 0. A Snowflake Deep Dive (by HHHypergrowth, a great piece) Under the company’s Amazon-style pricing, customers could easily expand their usage over time. Frank Slootman in Los Gatos from United States of America Last change: 10.11.2015 All fromer mandates Inactive at the moment "Where things are right now, the IPO market is effectively closed," Slootman said in a recent conversation with Protocol. Billboard ads with corny messages like “Happy Holi-data” soon lined Silicon Valley’s main highway, U.S. Route 101. One major cause for the shock: By all appearances, Snowflake wasn’t struggling—and it already had a high-profile CEO. An animal-rights philanthropist, Slootman allows his 8-month old Labrador puppy, Brida, year-old Golden Retriever, Quinn, and 10-year-old gray tabby cat, Portia, to crash his work-from-home meetings, including fact-checking calls from Forbes. In 1982, after a number of rejections from Big Blue, he “crawled ashore with $100 in my pocket” (a phrase he repeats so often his employees know it by heart) in South Bend, Indiana, with a job as an intern in the seemingly dead-end fake-leather industry. His first action: reorganizing the sales arm of the business to separate large customers from small, focusing more intently on converting the bigger fish. Frank has 10 jobs listed on their profile. Concerned about Snowflake’s appetite for capital, Speiser approached Slootman, whom he knew through the board of another investment, Pure Storage, to see if he could tempt him to join the company’s board. Data is a real-time snapshot *Data is delayed at least 15 minutes. Snowflake’s debut on the New York Stock Exchange was … Follow me on Twitter at @alexrkonrad and email me at akonrad@forbes.com. Home People Frank Slootman . Slootman, 61, is a professional CEO. 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. He served previously as CEO of ServiceNow and Data Domain, shepherding both companies from their startup phases through their IPOs and beyond. After a slight summer lull, Covid-19 was resurgent, which meant that rather than a global tour of get-to-know-you lunches and PowerPoints in hotel meeting rooms, his roadshow for data warehousing company Snowflake was going virtual. To win over large customers like Johnson & Johnson, he repositioned ServiceNow from a help-desk IT solution—not exactly something to excite a fellow CEO in a meeting—to an all-you-can-eat buffet of tools that could help a needy CIO solve any challenge. Frank Slootman is 61 years old, and lives in California. Country of residence: USA. View Frank Slootmans’ profile on LinkedIn, the world’s largest professional community. Out went executives and sales reps who didn’t fit Slootman’s mold or didn’t want to work for new supervisors who did. Country: UNITED KINGDOM County: SURREY Post town: EGHAM Postcode: TW20 9AH. 0 votes info. Frank Slootman currently serves as Chairman and CEO at Snowflake.Frank has over 25 years of experience as an entrepreneur and executive in the enterprise software industry. Slootman has more than 25 years of experience as an executive in the enterprise software industry. In announcing its decision, Oracle referenced its implementation of a more flexible work policy. https://www.cnbc.com › 2021 › 01 › 05 › snowflake-ceo-says-returning-to-o.html You may opt-out by, Covering venture capital, software and startups, Impact 50: Investors Seeking Profit — And Pushing For Change. ", Slootman said he understands people might be eager to more freely leave their homes once long-standing public health restrictions are eased, potentially wanting to return to pre-pandemic routines of commutes. 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. 4.0 out of 5 stars Great educational read. Blackstone (NYSE:BX) today announced the appointment of Frank Slootman as a Senior Advisor. Buying up cloud storage credits from Amazon and its rivals and reselling them, all while keeping Snowflake’s own software running, was costly, especially as Snowflake expanded to new markets such as Australia. © 2021 CNBC LLC. Slootman once again led with sales as a bridge to a better product. 1 ranking on the 2018 Forbes Most Innovative Companies list people phone reverse address business Log In Sign Up. I still don’t think I’ve ever taken anybody out of a job too soon. (00:00) 02. Snowflake and other cloud companies are beneficiaries of the shift to remote work. Talk to him at length, though, and watch the patterns, and you can see that’s not true. Adds Srini Nandury of Summit Insights Group, who has a rare sell rating on Snowflake: “They’ve clearly shown they can execute, but I can’t justify this valuation by any means. Nationality: USA. It’s much easier to select [Snowflake].”, One unanticipated challenge, however: Snowflake’s current stock price, which has exceeded even Slootman’s expectations ,and which, as of mid-January, was trading at a revenue multiple of 140 times its estimated fiscal 2021 revenue, ahead of cloud darlings Crowdstrike, Okta and Zoom. Career pointers for those less than 10-15 years out of school. A Gartner analyst on vacation spotted the executive and crashed the meeting to go full fanboy. The board, including Doug Leone—an investor on Forbes’ Midas List and Sequoia’s coleader at the time—tasked Slootman with doing for ServiceNow what he had just done for Data Domain. Subscribe. Frank Slootman. _____ A brief reading and source list. Blackstone Group Inc. named Snowflake Inc. Chief Executive Officer Frank Slootman as a senior adviser. Country of residence: USA. Sign up for free newsletters and get more CNBC delivered to your inbox. Mr. Slootman is currently the Chairman and Chief Executive Officer of Snowflake and is an entrepreneur with over 25 years of enterprise software industry experience. Frank Slootman is the CEO of Snowflake, a cloud-based database firm he joined in 2019 and took public in September 2020 in a blockbuster IPO. With an exit in his back pocket, Slootman had his pick of companies for his next act, in 2011. 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 Harvard dorm coding sessions in terms of value per hour. “They’ve clearly shown they can execute, but I can’t justify this valuation by any means. Rather than the usual grilling, Slootman was toasted instead. Frank has made over 91 trades of the ServiceNow Inc stock since 2013, according to the Form 4 filled with the SEC. Potentially the same person. Frank Slootman … In came two of his top lieutenants from Data Domain and ServiceNow: Mike Scarpelli to oversee finances and Shelly Begun to run HR. I edit the Midas List, Midas List Europe, Cloud 100 list and 30 Under 30 for VC. In early 2018, just over a year before his dismissal, Muglia met Forbes for breakfast at a New York hotel. Data Storage: Transactions vs. Analytics, a podcast. Slootman added, "From a business standpoint, there's a lot of positives to the shock to the system that we received.". Follow. For seven days in mid-September, packing in everything from a series of one-on-one meetings to large presentations, the naturally gruff Slootman met over Zoom with more than 1,000 people, including fund managers and investment bankers, who were on hand to win a piece of his IPO. It currently boasts a market capitalization of $81 billion on trailing sales of roughly $580 million. By using the site, you agree to our terms. Prioritizing the development of raw talent with high upside, Slootman was able to stabilize Compuware. Otherwise, I’m going to go ahead and run the company.”, When Slootman expressed interest in the Snowflake CEO job, Sequoia and Sutter Hill jumped. He settled on a fast-growing but under-the-radar software startup based in Santa Clara called ServiceNow. When executives at a later company, Compuware, realized in 1995 that an acquisition in Amsterdam was going sideways, its young staffer, a native Dutch speaker, was given a chance to clean up the mess. All Rights Reserved. "This whole notion that the office is your workday home, we realize that is nonsense," Slootman said on "Squawk Alley." "Offices ... need to be there for specific purposes — for events, for training, for meetings, specifically — but not a place to hang out 9 to 5. Inside Snowflake, Slootman reengaged cofounder Dageville, now a billionaire himself, to spearhead the project; outside, analysts trust Slootman to figure it out. Country: UNITED KINGDOM County: SURREY Post town: EGHAM Postcode: TW20 9AH. Frank has over 25 years of experience as an entrepreneur and executive in the enterprise software industry. In a rare interview, the press-shy Speiser discussed the difficult decision to fire Muglia: “When you have the potential [to build] one of the game-changing companies of all time, you should take the chance.”, Just one problem: No one told Muglia until the day the company announced the coup. Cofounders Dageville and Cruanes are counting on Slootman and CFO Scarpelli to steer Snowflake through the stock market’s gyrations. After needing just over $5 million in investment in its first two low-profile years, by early 2018, when Snowflake reached a valuation of $1.8 billion, it had raised almost a half-billion. 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