Snowflake Stock Plunges Over 20% as CEO Slootman Unexpectedly Steps Down
• Snowflake CEO Frank Slootman surprisingly announced he is stepping down, stock plunged over 20% on the news
• Incoming CEO is Sridhar Ramaswamy, background on him was limited
• Slootman had indicated just 7 months ago he was not leaving role, so this exit shocked investors and Wall Street
• Analysts cited the surprise leadership change and poor signaling from Slootman and board as reasons for stock drop
• Author argues CEOs have responsibility to properly signal transitions to avoid shocking investors and stock declines