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SAP CEO to step down

(Image credit: Image Credit: 360b / Shutterstock)

After more than nine years at the helm, Bill McDermott will no longer be the chief executive officer of the German software company SAP. The news was confirmed by the company itself, which added that two board members will take his place - Jennifer Morgan and Christian Klein.

For the final month and a half, McDermott will remain in the company as an advisor.

“For the past decade, McDermott has served as CEO and has overseen a period of dramatic growth for SAP, including expanding its portfolio and initiating a major shift to cloud computing,” the statement said. “Under McDermott’s leadership, key metrics including market value, revenue, profits, employee engagement and environmental sustainability have all strengthened substantially since 2010.”

McDermott first came to SAP back in 2002 and was appointed CEO in 2010. Before joining SAP, he worked at Xerox and Gartner. He’s also a board member at Ansys, Under Armour and Secureworks.

“I am excited, and I will do something at some point, and that will be discussed at a future date and on a future occasion,” McDermott said on the call. “Today is SAP’s day.”

CNBC says that the people succeeding McDermott are “company veterans”. Klein joined SAP in 1999 as a student, being promoted to Chief Controlling Officer in 2014, and Operating Chief in 2016.

Morgan, on the other hand, joined in 2004 and made it to the executive board 13 years later. SAP’s stock rose 21 per cent this year. In the past five years, it rose 75 per cent.