SAP SE announced yesterday that Co-CEO Jennifer Morgan will be stepping down on April 30th, to leave Christopher Klein as the sole CEO. The two were given the positions after CEO Bill McDermott left the company back in October of 2019.
Morgan has been with SAP for the past 16 years, but held the position of Co-Ceo for 6 short months. It was under the advisory board and her own leadership that SAP decided that with this time of uncertainty with Covid-19, that there be a need to change the company's leadership model. It was ultimately decided that a Co-CEO structure was not ideal for the current market situation.
“With unprecedented change within the world, it has become clear that now is the right time for the company to transition to a single CEO leading the business.", Jennifer Morgan said.
Read the full SAP press release here.
SAP also reported released their official Q1 results yesterday, reporting that total revenue and operating profit were both on the up, as well as free cashflow.