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Investing.com -- Snowflake (NYSE:SNOW) stock fell 2.7% in after-hours trading Wednesday following the company’s announcement that Chief Financial Officer Mike Scarpelli is retiring, effective September 22.
The AI Data Cloud company named Brian Robins as its new CFO, who will take over Scarpelli’s responsibilities in shaping financial strategies to support Snowflake’s growth. Scarpelli will remain with the company for a transition period before moving into an advisory role.
"We’re incredibly confident in our next chapter of growth with Brian taking the helm as our new Chief Financial Officer," said Sridhar Ramaswamy, CEO of Snowflake, in a statement.
Robins joins Snowflake from GitLab Inc., where he has served as CFO since October 2020. His previous experience includes CFO positions at Sisense, Cylance, AlienVault, and Verisign.
The stock movement may also be impacted by weakness in Salesforce, which released somewhat lackluster quarterly results on the same day. Both companies operate in the cloud computing sector, where investor sentiment can often affect related stocks.
Snowflake has positioned itself as a key player in the artificial intelligence space, with Ramaswamy noting the company has "an enormous opportunity ahead" as it continues to focus on empowering enterprises with data and AI capabilities.
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