In a "time of great uncertainty worldwide", SAP separates from co-CEO Jennifer Morgan. The software manufacturer is under pressure due to the corona crisis. Now Christian Klein has to lead the helm alone.
Walldorf (dpa) - In the midst of the corona crisis, Europe's largest software manufacturer SAP separates from its co-boss Jennifer Morgan. The 48-year-old agreed with the supervisory board to leave the company on April 30, as SAP announced in Walldorf.
Your co-CEO and board member Christian Klein will run the company alone in the future. SAP cited the "current situation" as the reason, which demands "quick, decisive action" and a clear management structure. The "decision back to the model of sole spokesman for the board" was therefore made earlier than planned.
With the corona virus pandemic, even the most valuable German listed company is under pressure, as preliminary figures from the first quarter showed. Revenue was still growing, but in March there was a significant damper, especially in the lucrative revenue from software licenses in one-time sales. The operating result adjusted for special effects only increased slightly thanks to exchange rate effects. Because customers are tempted to save on the IT budget because of the Corona crisis, SAP had to cut its original annual plans. SAP will provide final figures and details for the first quarter on Tuesday.
Morgan and Klein had only succeeded the previous CEO Bill McDermott in mid-October. Morgan has been on the SAP Board of Directors since 2017. The chairman of the supervisory board, Hasso Plattner, thanked her for her commitment to the top of the company and at the same time expressed his "full trust" to Klein in a "time of great uncertainty worldwide".
SAP, website