Sunday, June 16, 2024

SAP Co-CEO Jim Hagemann Snabe to Step Down

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For three years, SAP has been in the unusual position of having two CEOs. But next year, that will  change as Germany-based Jim Hagemann Snabe steps down and Bill McDermott continues as the company’s CEO.

Alex Konrad with Forbes reported, “SAP announced Sunday that co-CEO Jim Hagemann Snabe will step down from that role and transition from the software company’s executive board to its supervisory board in May 2014. The move will make American co-CEO Bill McDermott sole chief executive for the company as it enters year four of its transition to a cloud and data focused company.”

Bloomberg’s Cornelius Rahn recalled, “Snabe and McDermott took over in February 2010 from Leo Apotheker, who was removed after failing to boost revenue amid customer and employee discontent. Over 3 1/2 years, the co-CEOs spent more than $14 billion on acquisitions to add mobile and cloud-computing technologies and accelerated a push in SAP’s homegrown database product, boosting the stock about 70 percent and giving it a brief run as Germany’s most valuable company.”

Maria Sheahan with Reuters observed, “McDermott’s elevation to sole CEO may also shift the focus of SAP from its German home market to the United States. Snabe is based at the company’s headquarters in the German town of Walldorf near Heidelberg, while McDermott’s main office is at SAP’s North American center in Newtown Square, Pennsylvania.”

According to All Things D’s Arik Hesseldahl, “The company’s CTO, Vishal Sikka, who also sits on its board of directors, is based in Palo Alto, Calif., and is considered a strong candidate to join McDermott as the next co-CEO once Hagemann Snabe’s departure is effective. Sikka took over responsibility for all software development work during another shake-up in May.”

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