Bill McDermott, SAP’s CEO for the last nine years is stepping down as he has decided not to renew his contract. 

Executive Board members Jennifer Morgan and Christian Klein will be taking over MdDermott’s responsibilities as co-CEOs, according to reports in TechCrunch.

McDermott, who became co-CEO in 2008 and the company’s sole CEO in 2014, joined SAP in 2002 as the Head of SAP, North America. Under his leadership, SAP’s annual revenue and stock price continued to climb and will remain in an advisory role for the next two months. 

Recently, SAP SuccessFactors COO Brigette McInnis-Day and Robert Enslin, president of SAP’s cloud business and a board member, left SAP to join Google Cloud. 

“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,” announced Hasso Plattner, Co-Founder of SAP SE software company. 

During McDermott’s time as the CEO, SAP also acquired Qualtrics for $8 Bn, Concur, a corporate expense and travel management company, for $8.3 Bn, and SuccessFactors for $3.4 Bn. 

“Now is the moment for everyone to begin an exciting new chapter,” said McDermott. “I look forward to supporting them (Jennifer and Christian) as they finish 2019 and lay the foundation for 2020 and beyond. To every customer, partner, shareholder, and colleague who invested their trust in SAP, I can only relay my heartfelt gratitude and enduring respect.”

Image source: The Philadelphia Inquirer