SAP's McDermott steps down; Morgan, Klein become co-CEOs

 SAPs McDermott steps down; Morgan, Klein become co-CEOs

BERLIN (Reuters) - Bill McDermott stood down on Friday after a decade at the helm of SAP and will be replaced by Jennifer Morgan and Christian Klein, who will become co-CEOs with immediate effect, said the German business software company.

SAP announced the move after rushing out third-quarter results, bringing down the curtain on an era in which McDermott undertook a string of acquisitions that drove growth but also created complexity that frustrated many clients.

(Reporting by Douglas Busvine; Editing by Tom Hogue)

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Updated Date: Oct 11, 2019 06:06:31 IST