Snowflake CEO Unexpectedly Steps Down, Stock Plunges As Little-Known Successor Named
• CEO Frank Slootman is unexpectedly stepping down from cloud company Snowflake (SNOW) • Incoming CEO is Sridhar Ramaswamy, who was not well known before • Author pulled over on highway to watch interview announcing the news, shocked by surprise announcement • Snowflake stock crashed over 23% on news, with analysts calling it a "surprise" • Author argues CEOs/boards have responsibility to properly signal transitions to avoid shocking investors