Co-CEO of SAP Technologies announced that she is stepping down from her role with six months of being appointed as the top executive of the tech giant along with Christian Klein. As per the reports, Klein will now serve as the CEO of the German Top Technology firm as the single CEO.
Jennifer Morgan Steps Down as Co-CEO
Jennifer Morgan announced the exit, which happens on April 30; the news is abrupt and shocking to the industry watchers as she had joined the position only in October last year. After CEO Bill McDermott left the company to join ServiceNow, Jennifer Morgan was named the Co-CEO along with Christian Klein.
Solo CEO format Adopted
As per people familiar with the matter, SAP felt that the dual CEO format was not much effective for its management as the markets are very volatile, and the times are tough due `to coronavirus outbreak. The company issued a statement in which it detailed the matter.
Want to publish your own articles on DistilINFO Publications?
Send us an email, we will get in touch with you.
Dual Leadership not Effective as of now
“A dual leadership model has many benefits and its time, but the current environment requires companies to take swift, determined action which is best supported by a very clear leadership structure.”
Klein talked about the Issue
Klein, who now becomes the Solo CEO talked about the decision, he said,
“The reason we decided to come back to a sole CEO model was because of the outbreak of the pandemic, “Klein said in a call with reporters. There was no exact date when SAP would have come back to a sole CEO model, but in these turbulent times, we thought now was the right time.”
Jennifer talked about the Issue
Jennifer Morgan joined SAP in 2004 and since then handled crucial positions like the president at the SAPs Cloud Business Group. She also released a statement on the exit from the role – “It has been a great privilege to drive SAP’s growth and innovation in so many areas and most recently as co-CEO”.
Mutually Agreed upon Step Down
The company also noted that Jennifer Morgan stepped down with the mutual agreement with the Supervisory board at the company. And with her exit, the company will switch to a sole CEO model with immediate effect.”