Shares of Snowflake Inc. (SNOW) experienced a significant drop of 5.74% in the pre-market trading session on Thursday, as investors reacted to the company's announcement of a leadership change in its revenue organization.
The AI data cloud company revealed that Mike Gannon, a seasoned technology executive, will be joining Snowflake as the new Chief Revenue Officer, effective March 14th, 2025. Gannon, who previously served as President of Americas Sales at VMware by Broadcom, will be responsible for leading Snowflake's revenue and go-to-market teams as the company enters its next phase of growth.
The appointment comes as Snowflake's current Chief Revenue Officer, Chris Degnan, has decided to retire. Degnan was Snowflake's first salesperson and played a pivotal role in the company's growth since its inception, helping it achieve $3.4 billion in revenue in the last fiscal year. While the transition is expected to be smooth, investors may have concerns about the potential impact on the company's sales and growth momentum.
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