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SAP’s McDermott steps down; Morgan, Klein become co-CEOs

FILE PHOTO: SAP Chief Executive Officer Bill McDermott attends the company’s annual general meeting in Mannheim, Germany, May 15, 2019. REUTERS/Ralph Orlowski

BERLIN (Reuters) – Bill McDermott stood down on Friday after a decade at the helm of SAP (SAPG.DE) and will be replaced by Jennifer Morgan and Christian Klein, who will become co-CEOs with immediate effect, said the German business software company.

SAP announced the move after rushing out third-quarter results, bringing down the curtain on an era in which McDermott undertook a string of acquisitions that drove growth but also created complexity that frustrated many clients.

Reporting by Douglas Busvine; Editing by Tom Hogue

via Reuters