Bill McDermott stood down on Friday after a decade building up SAP as the world&...
) as the world’s leading enterprise software company, handing the task of completing its transition to cloud computing to new co-CEOs Jennifer Morgan and Christian Klein.
McDermott’s exit follows the entry this year of activist investor Elliott, amid broader market concern that his acquisitions - including last year’s $8 billion deal to buy customer relationship platform Qualtrics - had caused SAP to lose focus. The tandem arrangement is familiar at SAP, with Plattner running the business together with co-founders Dietmar Hopp and, later, Henning Kagermann. McDermott was co-CEO with Jim Hagemann-Snabe, now chairman of Siemens , before he took sole charge.
In Europe, Klein has been on a listening tour, including SAP’s TechEd event in Barcelona where the company holds seminars for its developer community that is so vital to keeping its software ecosystem up to date.
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