By Sabela Ojea
Snowflake's Chief Financial Officer Michael Scarpelli is stepping down after more than five years in the role.
The data-cloud company on Wednesday said that Scarpelli, who notified of the company of his intention to depart on Tuesday, will remain in the role until a successor is appointed.
Scarpelli will then work as an independent contractor and provide advisory and consulting services to Snowflake for a 12-month period following the effective date of his exit, according to a filing with the Securities and Exchange Commission.
"This is the right time to hand the reins over to a new CFO," Scarpelli said on a call with analysts, adding that he will also continue with the company on full time basis until a transition is completed.
The announcement of Scarpelli's departure, who has worked with Chief Executive Officer Sridhar Ramaswamy since his appointment to the top job a year ago, came after Snowflake logged a wider loss in the fourth quarter, despite a jump in revenue from an increase in higher-paying customers during the period.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
February 26, 2025 18:17 ET (23:17 GMT)
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