Bill McDermott has stepped down after a decade building up SAP, passing the reins of the enterprise software company to new co-CEOs Jennifer Morgan and Christian Klein.
The succession, which helped to send SAP’s shares up 7% in early trading according to Reuters, ends an era in which McDermott built SAP into Europe’s leading technology group. 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. Under McDermott’s leadership, key metrics including market value, revenue, profits, employee engagement and environmental sustainability have all strengthened substantially since 2010.
McDermott’s successors, Morgan and Klein, bring decades of experience in the enterprise applications software industry and both serve on the executive board. McDermott will remain in an advisory capacity until the end of the year to ensure a smooth transition.
“SAP would not be what it is today without Bill McDermott,” said Professor Hasso Plattner, chairman of the supervisory board of SAP SE. “Bill made invaluable contributions to this company and he was a main driver of SAP’s transition to the cloud, which will fuel our growth for many years to come. Bill and I made the decision over a year ago to expand Jennifer and Christian’s 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.”