Snowflake Shares Fall on CEO Retirement, Weak Sales Outlook

Snowflake shares fell 20% in extended-hours trading after the cloud-data company provided a weak sales outlook for the current year and said Frank Slootman has retired as chief executive, effective immediately. Slootman had been Snowflake’s CEO since 2019 and led the company [through its initial public offering](https://www.wsj.com/articles/snowflake-ceo-slootman-scores-ipo-hat-trick-with-big-bet-on-data-11600383892) in 2020, one of [tech’s biggest IPOs that year](https://www.wsj.com/articles/snowflakes-shares-soar-in-ipo-11600275246). Earlier, Ramaswamy [led Google’s advertising products](https://www.wsj.com/articles/googles-top-ad-executive-to-leave-for-venture-capital-firm-1538441794), which included search, display and video advertising, among other items.