Blackstone Announces Appointment of Frank Slootman, Chairman and CEO of Snowflake, as Senior Advisor

Rhea-AI Summary

Blackstone (NYSE:BX) appointed Frank Slootman as a Senior Advisor, leveraging his extensive experience in the enterprise software sector. Slootman, currently the CEO of Snowflake, will play a key advisory role focusing on Blackstone Growth (BXG). Known for his successful leadership in software companies such as ServiceNow, where he boosted revenues to $1.4 billion, Slootman's insights are expected to benefit Blackstone’s investment strategies in high-growth technology companies. His broad expertise aims to strengthen the firm's capability to support entrepreneurs.

Positive

• Frank Slootman's appointment brings extensive software industry experience.
• His leadership could enhance Blackstone Growth's investment strategies.
• Slootman’s experience with successful IPOs may attract more high-growth investments.

Negative

• Slootman's transition to advisory may create continuity concerns due to his departure from day-to-day operations.

Blackstone (NYSE:BX) today announced the appointment of Frank Slootman as a Senior Advisor. Mr. Slootman is currently the Chairman and Chief Executive Officer of Snowflake and is an entrepreneur with over 25 years of enterprise software industry experience. He will advise across Blackstone’s businesses, with a focus on Blackstone Growth (BXG). At Snowflake, which recently completed an initial public offering, and previously at ServiceNow and Data Domain, Mr. Slootman has had repeated success creating fast-growing, market-leading software businesses.

Jon Korngold, Global Head of Blackstone Growth, said: “Frank is a software industry visionary who has an incredible track record of building great teams and world-class companies. Given BXG’s focus on partnering with entrepreneurs to help transform regional champions into global industry leaders, Frank’s insights will be invaluable to us and to our portfolio companies.”

Frank Slootman added: “I’m excited to advise Blackstone. Having run a number of global software companies, I appreciate the scope of resources that Blackstone can bring to high-growth technology companies. Given this period of high growth and innovation, Blackstone is well positioned to help entrepreneurs realize their potential and execute on their visions.”

Prior to Snowflake, Mr. Slootman spent six years as CEO and President of ServiceNow, a cloud computing platform for digital workflows. At ServiceNow, he helped grow the business, advancing the company through an IPO and increasing its annual revenue to $1.4 billion. His experience also includes time as President of the Backup Recovery Systems Division at EMC and as CEO and President of Data Domain Corporation, where he led the company through its IPO process. Mr. Slootman was born in Holland and has undergraduate and graduate degrees in economics from Erasmus University Rotterdam.

BXG, Blackstone’s global growth equity platform, is focused on providing capital to companies seeking to minimize the execution risks associated with high-growth environments. BXG’s recent investments include Bumble, Oatly, and ISN.

About Blackstone

Blackstone is one of the world’s leading investment firms. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our $584 billion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210113005723/en/

FAQ

Who is Frank Slootman and what is his role at Blackstone?

Frank Slootman is appointed as a Senior Advisor at Blackstone, focusing on Blackstone Growth. He has over 25 years of experience in the enterprise software industry.

What impact might Frank Slootman's appointment have on Blackstone growth?

Slootman's appointment is expected to bring valuable insights that could enhance investment strategies for high-growth technology companies.

What is Blackstone Growth (BXG)?

BXG is Blackstone's global growth equity platform focused on providing capital to companies in high-growth environments.