TELETRADER News
10/11, 1:51 AM (Source: TeleTrader)
more TeleTrader news

SAP-0.36%

121.76
Chart for: SAP SE O.N.

SAP CEO steps down

SAP announced that its CEO Bill MCDermott stepped down from his position, effective immediately. After McDermott's resignation, SAP decided to name Executive Board members Jennifer Morgan and Christian Klein as co-CEOs.

McDermott started working at SAP in 2002 and became CEO nine years ago. Morgan has been heading SAP's Cloud Business Group while Klein has most recently been the German company's COO.

The company also announced its preliminary results for the third quarter as it said its earnings per share jumped by 28% to €1.04. SAP stressed that its total revenue increased by 13%, led by stronger cloud sales.

Breaking the News / VP