These LOBS could switch on a service instead of needing their own software tools to manage processes. In December, Bloomberg reported that Slootman's stock options were valued at $108 million monthly, thanks to its then market cap of $120 billion. Snowflake CEO Frank Slootman, former CEO Bob Muglia, and cofounder Benoit Dageville are now billionaires after the data storage firm's blockbuster IPO, The eight-year-old data storage firm shot up as much as, Even before his official induction into the three-comma club, Slootman was. I do prefer the earlier stages of growth. Did you still want to challenge yourself at the helm of a company that could do great things? Very large enterprises are choosing a vendor to go to bed with for five years, minimum, says Patrick Colville, an analyst at Deutsche Bank. warrants. He holds over 50 patents. Slootman and his crew won by nearly four hours. SAN FRANCISCO, March 11, 2021 /PRNewswire/ -- Instacart, the leading online grocery platform in North America, today announced that Frank Slootman, Chairman and Chief . Seventeen months later, he took Snowflake public in one of the biggest tech IPOs of 2020, raising $3.4 billion at a $33.3 billion valuation. Prior to joining Snowflake, she served as CMO for Apigee, an API platform company that went public in 2015 and Google acquired in 2016. Benoit co-founded Snowflake and currently serves as President of the Product division. In June, when Snowflake announced it was forming a diversity council, employees were surprised to see that the press release was written by Eve Besant, Snowflake's vice president of worldwide sales engineering. 10. "I think the moral of that story was don't let failure get you down.". Slootman: Sailing is in ones blood. Updated Jun 8, 2021, 8:46am PDT. Data Domains revenue more than doubled each year for the next four years. Public asset : 162,785,053 USD. Similar is the scenario with his married life. "My wife's still wondering what the hell happened.". Jayshree holds a B.S. An established thought leader, Teresa created Deloittes onBoarding Academy, a board readiness program, and she has demonstrated her commitment to board diversity through creation of Deloittes Women on Boards program. 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. Chandna mentioned a Greylock startup that planned on tripling sales. out that way.. The annual employee ski trip to the Ritz-Carlton in Lake Tahoe was canceled. A 20-year veteran of the IT industry, Jeremy joined EMC from Serena Software, where he was President and CEO. Thierry has a PhD in Computer Science with a focus in Database Systems and holds over 70 patents. He is also on the board of Maplebear, Inc. and Elementum Ltd. (United States). Wyss said. Some of Wikitia's pages are sourced from Wikipedia.org's Mainspace and Draftspace. The beloved chocolate snacks disappeared, and daily catered lunches were replaced by an in-house cafeteria that was still free but seen by some as a downgrade. Better modeling and the focus shift to larger accounts also made it easier to guess how users might expand or contract. This is good news for Snowflake.. And eventually, his journey led him to Data Domain. I learned from that experience that I dont want to be in an elevator thats going down, he says. I also had had enough time off, two years. Frank Slootman Net Worth, Wiki, Bio, Family, Age, Wife / . These are multiples, frankly, that the world hasnt seen since the internet bubble in 1999, says Brad Zelnick, an analyst at Credit Suisse. Frank Slootman is the biggest Snowflake of them all. Founded by billionaire Fred Luddy, ServiceNow was cash-flow-positive and doubling revenue, but understaffedanemic, as Slootman now says. Around the same time, he began meeting with research analysts who would wind up setting bullish prices for the IPO. Otherwise, Im going to go ahead and run the company.. Deloitte is the worlds largest professional services firm and provides audit, tax, financial advisory, and consulting services to more than 20 industry sectors in over 150 countries. Blocks & Files: Are you still involved in regatta racing with your yacht Invisible Hand? I entered the US in 1984. 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. 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. We're not into that. A representative for Snowflake declined to comment for this article. Frank Slootman received an undergraduate degree and a graduate degree from Erasmus University Rotterdam. president and CEO at Data Domain between June 2003 and July 2009. sales barrier in less than seven years, adding more than one thousand employees Michael Scarpelli serves as Chief Finance Officer at Snowflake. Age 64. During her 20 years with General Electric, she held other CFO roles including CFO of GE Healthcare Biosciences, a division in Life Sciences and Molecular Diagnostics. Kramer holds a bachelor of science degree in mathematics from Purdue University and received the Purdue University College of Science Distinguished Alumni award in 2017. These are people we knew from previous rodeos, Slootman says with a shrug. "You know, you're not going far enough, you're not going hard enough, you're not going fast enough. Snowflake Inc. CEO Frank Slootman is one of the tech world's most accomplished executives in enterprise growth, having led Snowflake to the largest software IPO ever after leading Data Domain and ServiceNow to exponential growth and the public market before that. While some in Silicon Valley warn of a backlash, Slootman's main concern is winning. 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. In 2003, he became CEO of storage startup Data . Of the virtual IPO he says, I absolutely loved it.. She began her career at collaboration software company Genesys, where she built and led a global marketing organization. "And so I think by remaining neutral, you can allow everyone the freedom to have their own opinion and then keep that separate from work.". Chris Degnan. My whole career was doing jobs that other people didnt want to take, he says. Also, I helped the company move its software to non-mainframe platforms that started to emerge on UNIX in the late 80s. It also changes over time. Frank Slootman is currently a married man. He's focused on making shareholders money. That's it.". I exercise executive prerogative, he adds. As ServiceNow's CEO, Slootman established a hard-driving culture embodied by pictures of race cars in the hallways of the office but he knew how to charm the customers, according to Wyss, the former director of product strategy. and six thousand enterprise customers worldwide. I would say, Were spending like drunken sailors, and they would say, Yes, keep doing it. And it was the right thing to do.. Each member maintained a grueling schedule of three hours on deck followed by three hours of sleep, 24 hours a day. Slootman's pay includes more than 13.7 million options with a strike price of $8.88. Just six months in, he had lined up his anchor investors, including Dragoneer Investment Group and Marc Benioffs Salesforce. That led to Data Domain. He was more insulated. Slootman once again led with sales as a bridge to a better product. Jeremy Burton is the Chief Executive Officer of Observe, Inc. Mr. Slootman is a billionaire businessman who was born on 3rd October 1958 in Holland. Some spoke on condition of anonymity, but nearly all described a militant CEO who's part of Silicon Valley's less talked-about conservative wing, a group that includes Palantir's Peter Thiel, Tesla's Elon Musk, and Oculus' Palmer Luckey. In April 2019, Snowflake's board of directors announced that its CEO of five years, Bob Muglia, was being replaced. 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. He had built a monster and Data Domain still dominates the purpose-built backup appliance market, 11 years on. We broke the billion-dollar "They love to just do a victory lap. is situational. the data storage world Slootman is a celebrity CEO, thanks to his tenure as "I used to call it 'drunken sailors' spending. Forthright Slootman was brought into the world on October 3, 1958, and is 61 years of age as of September 2020. In 2017 and 2018, he donated $10,800 to the congressional campaign of Greg Gianforte, Montana's now governor who made national news in 2017 after body-slamming a reporter and getting elected to Congress the next day. I'm just a CEO.". People want to be patted on the back and feel good I'm into not feeling good.". The CEO has plenty of reason to stick around, too, with billions tied up in unvested Snowflake shares. ability to rapidly shift so-called modes is crucial. "You've got all the social-justice issues and all the politics that go with that," he said. Just as his hero Patton was described as paranoid yet brilliant, Slootman said he lives in constant fear of inferiority. Slootman and his wife, Brenda Crinson Biondo Slootman, a retired graphic designer, have two sons, Collin and Taylor. But the question becamehowgreat Scarpelli got to work on Snowflakes books. Sailing is a small world. The book . She is a frequent speaker on topics including corporate board diversity, sponsorship and inclusion, and was a Stanford Entrepreneurial Thought Leaders speaker. Starting as employee #13 and Sales employee #1, Chris built a Go To Market strategy from the ground up, driving sustained high growth and global reach. Read it now on the O'Reilly learning platform with a 10-day free trial. He did this in part by diversifying the product set so ServiceNow could sell to lines of business (LOBs) outside the IT department. In the mid 80s I tried to hire on out of school with IBM, they were the gold standard back then in the so-called computer industry. After fighting so hard to become a CEO, Slootman doesnt know how to do anything else. Should Snowflake stumble on its numbers, or if exuberance fades, employees who made their money in the IPO might not want to stick around. "It had an aggressive tone to it," one former Snowflake executive said. "He would take catnaps, but he was always up," Gabriel told Insider. Slootman's long-time right-hand man, Michael Scarpelli, who had worked with Slootman at both ServiceNow and Data Domain, took over the chief financial officer job from Tuchscherer. Frank led Data Domain from the early phases to an IPO and then to a sale for $2.4 billion to EMC. 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. mean there isnt room for discussion and debate but I will never create or 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. from Seattle University School of Law. Which was then followed by his association with Compuware and software company Borland. Blocks & Files: Which other CEOs do you admire and why? I was rejected at least a dozen times by IBM. However, at the age of 26, Frank moved to the USA in 1984 to work for Burroughs. So far, Snowflake is outrunning its competition. Adds Srini Nandury of Summit Insights Group, who has a rare sell rating on Snowflake: Theyve clearly shown they can execute, but I cant justify this valuation by any means. "You know, win at all costs and don't mind who gets caught in the crosshairs. Experts say Snowflake, which today has a market valuation of nearly $77 billion, has been bolstered by therise of remote work during the pandemic. 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. "I'm sure anyone who was a woman or a minority group or LGBT was like, 'What the heck? to market this promising. has extraordinary upside. 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. Also, they havent shared any details on their parenthood, but we believe that the two have a son together. Previous to Serena, he led Symantecs $2 billion Enterprise Security product line as Group President of Security and Data Management. "It was not written under the name of Frank, which is telling," the former Snowflake executive said. Sunny Bedi serves as the Chief Information & Data Officer at Snowflake. By the close of Snowflake's first day of trading, its stock had shot up as much as 165%. degree from UC Hastings College of the Law. Between 2011 and 2017, Slootman was Chairman and CEO of ServiceNow - one of the world's leading SaaS . Hes, like, Im getting [to be an] old man, I dont have time to wait. Thats just how he operates, Degnan says. In 2014, after two years under the radar focusing on shipping the software, Speiser tapped Muglia to replace him as CEO. Thierry Cruanes. Frank Slootmans path to the American Dream, via IPO billions, started with his making Naugahyde seats for the automotive and boating industries. Denise holds a BA in Business Administration and Economics from Stockholm University, and holds an MBA from Georgetown University. Jeremy also served as Veritas Executive Vice President of Data Management Group and Chief Marketing Officer. He is still on the boards at Pure and Elementum. When you win, nobody can hurt you. COVID-19 fundamentally changed the way businesses operate. 2 min read. 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. Benoit Dageville. Chief Revenue Officer. He helped define the architecture and lead database performance efforts for Bulls parallel systems. 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. That push, which Snowflake says would increase its addressable market from $14 billion to a recent $81 billion, is very much a work in progress. Christian earned his bachelors degree in Industrial Engineering from Los Andes University, and he is a named inventor on numerous Snowflake patents. "So Frank talked to me for two minutes and he was, like, 'Wow. Blocks & Files: You were born and raised in The Netherlands. degree from UCLA and a J.D. I have never crossed paths with Larry Ellison on the sailing front although Ive had many crew over the years who sailed with Larry. Was it purely the job with Burroughs or was there something else? this valuation by any means. Chris serves as Snowflakes Chief Revenue Officer and has been with the company since 2013. 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. From January 2015 to December 2020, Kelly Kramer was Executive Vice President and Chief Financial Officer (CFO) at Cisco, managing financial strategy, and overseeing all financial functions, corporate development, mergers, acquisitions, integrations and investor relations for the company with total revenue for fiscal year 2020 of $ 49.3 billion and more than 77,000 employees. "In the Bay Area, by contrast, it is raw ambition, singular drive, and unbridled capitalism in action.". Concerned about Snowflakes 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 companys board. Copyright 2023 | WordPress Theme by MH Themes, Check Out The Net Worth of Hallea Jones! Slootman knows exactly what he's doing. A Pac52 sailboat like Slootman's Invisible Hand costs between $1.8 million and $2.5 million. "So if it's a company that people aren't really interested in working for, it's going to ultimately have an exodus of key talent.". Prior to Snowflake, Greg spent 13 years at Google, where he was VP of Engineering responsible for a broad portfolio of Google Cloud data analytics and machine learning products and for internal services addressing data analytics needs of all of Googles businesses. 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. Slootman told CNBC in October that he had no time for Silicon Valley's "lattes and neck rubs" culture. leave a leadership vacuum in the board room. So why did the Snowflake VCs call on Slootman? Start your free trial. "He was very focused on winning the races, and he won pretty much everything," Robbie Murphree-Gabriel, the former logistics manager of Slootman's sailing operation, said. His first action: reorganizing the sales arm of the business to separate large customers from small, focusing more intently on converting the bigger fish. In 2007, he took the data-storage company public, and two years later, he oversaw its $2.4 billion acquisition by EMC, which was later bought by Dell. Slootman hasn't shied away from embracing his right-leaning tendencies in a liberal-dominant industry. To win over large customers like Johnson & Johnson, he repositioned ServiceNow from a help-desk IT solutionnot exactly something to excite a fellow CEO in a meetingto an all-you-can-eat buffet of tools that could help a needy CIO solve any challenge. With Scarpelli's help, Slootman started cutting costs. and a few units in field test. Slootman hit the austerity button all the same, refocusing resources toward the drive trainproduct, engineering, sales and legaland away from less urgent areas like marketing. "That was kind of awesome. But this whole Snowflake exercise could have turned out dramatically different, the CEO says, if the founders had pursued their original premise for what the company should be. The former Snowflake executive said Slootman always set the expectations high, and then higher. behave as if I am the chairman. Slootman, who was born in the Dutch city of Huizen, 20 miles from Amsterdam, immigrated to the US in 1982 when he was in his 20s. The Snowflake board member Mike Speiser, who invested in the company through his firm Sutter Hill and served as its first CEO, reached out to Slootman regarding a Snowflake board position, Speiser told Forbes. He hired up to 15 professional sailors and paid for their gear, travel, and accommodations for multiple races each year, which could cost as much as $1 million annually, according to his crewman Gabriel. 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. Frank Slootman (born 1958) is a billionaire businessman, and the chairman and CEO at Snowflake Inc., a cloud data-warehousing company. A standout economics student at Erasmus University Rotterdam, Slootman finished school a year early to pursue internships in the United States. 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. After telling Bloomberg TV that he can't allow a push for diversity in tech to "override merit," Snowflake CEO Frank Slootman released a statement Monday apologizing for a "lack of clarity" in those comments. Most recently, Christian worked at Google leading YouTubes infrastructure and data systems. 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. It sounds like they've got a great product-market fit. Collin Biondo also works in the tech world as an engineer at the email-security startup Abnormal Security. It was founded in July 2012 and was publicly launched in October 2014 after two years in stealth mode. Thierry is a leading expert in query optimization and parallel execution. "I've literally never met the man," he said. "It's a hard way to live because you always feel inadequate," he said on a December episode of the "What Got You There" podcast. Frank Slootman is the biggest Snowflake of them all. 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. Teresas governance experience extends from her time in the boardrooms of many of her major clients to Deloittes U.S. board of directors, where she served on committees overseeing compensation, M&A, risk and regulatory matters (including cyber), and large internal investments. "Frank would never do that. 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. After successfully building out its Java development and testing business, Slootman received his first CEO job offer in 2003, when investors in a data-storage startup tapped him for another rescue. 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. TAPE SUCKS: Inside Data Domain, A Silicon Valley Growth Story he wrote: I was CEO of Data Domain, Inc. from the Slootman did not respond to requests from Insider for comment. I never worked in Holland, but was born, raised and educated there. ", Wyss said that every now and then Slootman would loosen up. John was responsible for $1.4B in annual revenue, when he served as Senior Vice President of Worldwide Sales and Services at BMC Software. ", "You know, he's this very formal, educated, Dutch, driven, business executive, right?" In the mid 80s I tried to hire on out of school with IBM, they were the gold standard back then in the so-called computer industry. Frank Slootman currently serves as Chairman and CEO at Snowflake. Visit the Business section of Insider for more stories. 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 . When he became CEO of Snowflake, Frank Slootman cut costs, including the company ski trip to Tahoe. Under his tenure, Snowflake's customer count grew from 80 in June 2015 to . "You could not escape the combat mentality at our companies. And there'd be some praise or whatever," Chandna said. "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. Kramer has extensive experience in financial planning and analysis, profit-and-loss leadership, and mergers and acquisitions. in Engineering (Electrical) and an M.S. Over the past 20 years, as CEO of Data Domain and then ServiceNow and now Snowflake, Frank Slootman has generated extraordinary growth and success for each company and established himself as one of the world's top CEOs. He barely slept, said Ruben Gabriel, one of the crew. Rather than the usual grilling, Slootman was toasted instead. Co-Founder & President of Product. Im more interested in why you returned to the CEO frontline than the specific possibilities at Snowflake. 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. By Labor Day, it had become clear that Frank Slootmans third initial public offering would not be like the other two. "You're in a battle, and the battle doesn't end until you finish that race," Gabriel said. In other words, he was bored. It was swift.". Franks wife, Brenda, who is also 61 years old, is the Vice President and Secretary of the Slootman Family Foundation. Prior to Observe, Jeremy was Executive Vice President, Marketing & Corporate Development of Dell Technologies, and served in various leadership roles at EMC prior to Dell. A Gartner analyst on vacation spotted the executive and crashed the meeting to go full fanboy. Otherwise, Im going to go ahead and run the company., When Slootman expressed interest in the Snowflake CEO job, Sequoia and Sutter Hill jumped. Blocks & Files: You were effectively a startup CEO at Data Domain. Mark brings nearly 40 years of experience to Snowflake as an executive leader, an expert in accounting and financial management, and a visionary in growing and transforming technology companies. As for Slootman, he has reached nearly mythic status in Silicon Valley as he continues to captain the ship at one of the industry's most prominent success stories of the past decade. Speaking publicly about his departure for the first time, Muglia tells Forbes that it took him months to get over the shock. "Bob was kind of like your dad, just very jovial and happy, would walk around and talk to employees," the former executive added.