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Bill McDermott steps down as SAPs CEO

SAP today announced that Bill McDermott, its CEO for the last nine years, is stepping down immediately. The company says he decided not to renew his contract. SAP Executive Board members Jennifer Morgan and Christian Klein have been appointed co-CEOs.
McDermott, who started his business career as a deli owner in Amityville, Long Island and recently spoke at our TechCrunch Sessions: Enterprise event, joined SAP in 2002 as the head of SAP North America. He became co-CEO, together with SAP co-founder Hasso Plattner, in 2008 and the companys sole CEO in 2014, making him the first American to take on this role at the German enterprise giant. Under his guidance, SAPs annual revenue and stock price continued to increase. Hell remain with the company in an advisory role for the next two months.
Its unclear why McDermott decided to step down at this point. Activist investor Elliott Management recently disclosed a $1.35 billion stake in SAP, but when asked for a comment about todays news, an Elliott spokesperson told us that it didnt have any immediate comment.
Its also worth noting that the company saw a number of defections among its executive ranks in recent months, with both SAP SuccessFactors COO Brigette McInnis-Day and Robert Enslin, the president of its cloud business and a board member, leaving the company for Google Cloud.
Bill McDermott steps down as SAPs CEO

SAP would not be what it is today without Bill McDermott, said Plattner in todays announcement. Bill made invaluable contributions to this company and he was a main driver of SAPs transition to the cloud, which will fuel our growth for many years to come. We thank him for everything he has done for SAP. We also congratulate Jennifer and Christian for this opportunity to build on the strong foundation we have for the future of SAP. Bill and I made the decision over a year ago to expand Jennifer and Christians roles as part of a long-term process to develop them as our next generation of leaders. We are confident in their vision and capabilities as we take SAP to its next phase of growth and innovation.
McDermotts biggest bet in recent years came with the acquisition of Qualtrics for $8 billion. At our event last month, McDermott compared this acquisition to Apples acquisition of Next and Facebooks acquisition of Instagram. Qualtrics is to SAP what those M&A moves were to those wonderful companies, he said. Under his leadership, SAP also acquired corporate expense and travel management company Concur for $8.3 billion and SuccessFactors for $3.4 billion.
Now is the moment for everyone to begin an exciting new chapter, and I am confident that Jennifer and Christian will do an outstanding job, McDermott said in todays announcement. I look forward to supporting them as they finish 2019 and lay the foundation for 2020 and beyond. To every customer, partner, shareholder and colleague who invested their trust in SAP, I can only relay my heartfelt gratitude and enduring respect.


SAP agrees to buy Qualtrics for $8B in cash, just before the survey software companys IPO
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