Snowflake appoints Mike Gannon as new CRO

BOZEMAN, Mont. - Snowflake Inc. (NYSE:SNOW), known for its AI Data Cloud services and currently valued at $58.5 billion, has announced the appointment of Mike Gannon as Chief Revenue Officer, effective March 14, 2025. According to InvestingPro data, the company maintains strong liquidity with current assets exceeding short-term obligations. Gannon will take over from Chris Degnan, who is retiring after significantly contributing to the company’s growth.

Gannon’s appointment comes as Snowflake prepares for further expansion. He brings a wealth of experience from his time at VMware by Broadcom, where he served as President of Americas Sales and played a pivotal role in integrating go-to-market functions following the acquisition by Broadcom. His decade-long experience in developing sales teams and operations in competitive technology markets is expected to be valuable for Snowflake’s future strategies.

Degnan, the outgoing CRO, was Snowflake’s first salesperson and has been instrumental in the company’s journey to achieving $3.4 billion in revenue for the last fiscal year, with InvestingPro showing impressive revenue growth of 29.2% year-over-year. Snowflake’s CEO, Sridhar Ramaswamy, expressed gratitude for Degnan’s contributions and welcomed Gannon, highlighting his track record in scaling operations and leading teams through periods of significant growth.

Gannon’s background includes sales leadership roles at EMC Corporation and Isilon Systems, where he focused on sales operations, market adoption, and customer engagement. He holds a B.A. from Oswego State University.

Snowflake, which enables more than 11,000 companies globally to utilize its AI Data Cloud for data sharing, application building, and AI-powered business operations, is entering what it describes as "the era of enterprise AI."

The transition period will include Degnan’s assistance to ensure a smooth handover to Gannon. This leadership change is part of Snowflake’s ongoing efforts to maintain its growth trajectory and strengthen its market position in the enterprise AI space. InvestingPro analysis shows 18 analysts have revised their earnings upwards for the upcoming period, with expectations of profitability this year. For deeper insights into Snowflake’s financial health and growth prospects, investors can access the comprehensive Pro Research Report available on InvestingPro.

This report is based on a press release statement from Snowflake Inc.

In other recent news, Snowflake Inc. reported robust fourth-quarter earnings, with product revenue exceeding expectations by 4%, according to Deutsche Bank. The company’s financial performance has prompted several analyst firms to adjust their stock price targets. Deutsche Bank raised its target to $220, maintaining a Buy rating, while RBC Capital Markets increased its target to $221, also reaffirming an Outperform rating. Stifel analysts raised their target to $210, citing improved operating margins and a stable core business.

In addition to financial updates, Snowflake announced the appointment of Michael Gannon as the new Chief Revenue Officer, effective March 2025. Gannon brings significant experience from previous roles at Broadcom and VMware. Furthermore, the company is expanding its AI initiatives with the opening of a new Silicon Valley AI Hub and a $200 million investment fund for AI startups. This initiative includes a Startup Accelerator Program in collaboration with venture capital firms like Altimeter and Sequoia Capital.

Snowflake’s strategic moves and financial results have garnered positive assessments from analysts, who express confidence in the company’s growth trajectory. The company’s guidance for fiscal year 2026 indicates a 24% growth in product revenue, slightly above consensus estimates. Snowflake’s ongoing efforts in AI innovation and executive leadership changes are key factors that investors are watching closely.

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