SAP Ends Co-CEO Role After Virus Brought Leadership Problem [Yahoo! Finance News]
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Source: Yahoo! Finance News
) -- SAP SE Co-Chief Executive Officer Jennifer Morgan, appointed in October to the top executive post alongside Christian Klein, will abruptly leave the German software company at the end of April, after the Covid-19 pandemic caused problems with its leadership structure.Klein, 39, will remain in the CEO role, SAP said late Monday in a statement. He joined the company as a student in 1999 and had been chief operating officer since April 2016 before his October promotion, with Morgan, to replace Bill McDermott in the top job. Klein has been a member of SAP’s executive board since 2018.The company said it is shifting to a lone CEO model now to provide a clearer leadership structure in the face of business challenges posed by the Covid-19 pandemic. SAP also posted its first quarter results on Tuesday, stating business activity in the first two months of the quarter was “healthy” but as the spread of the coronavirus intensified a significant amount of new business was postponed.SAP fell
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