SAP CEO Bill McDermott to step down after over nine years leading software giant

Bill McDermottAnjali Sundaram | CNBCSAP said on Thursday that Bill McDermott is stepping down as CEO after nine years running the German software company.Board members Jennifer Morgan and Christian Klein have been appointed co-CEOs effective immediately, SAP said in a statement. McDermott will stay on as an adviser until the end of the year. SAP also pre-announced third-quarter results, which beat expectations in part because of a cloud customer. The company said that a « cloud deal with a major partner » accounted for 17 percentage points of new cloud bookings growth in the quarter. SAP said it will start recognizing revenue from the three-year deal in the fourth quarter. New cloud bookings jumped 38% in the quarter. McDermott joined SAP in 2002 and became CEO in 2010. He is also on the boards of Ansys, Secureworks and Under Armour boards.Under McDermott, SAP made significant acquisitions to push the company into new markets. Perhaps his biggest move was to acquire software developer Qualtrics for $8 billion a year ago. Qualtrics which competes with SurveyMonkey in helping companies measure sentiment through surveys, was in the process of going public when SAP announced the deal.This is breaking news. Please check back for updates.

Source: CNBC

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