SAP Co-CEO Jim Snabe To Step Down Next Year
SAP co-CEO Jim Snabe will be stepping down in May 2014 to become a member of the company’s supervisory board. Bill McDermott will become the sole chief executive officer going forward. Snabe’s election to the board of directors is dependent on 25% of the shareholder vote.
“After more than 20 years with SAP, I have decided that it is time for me to begin the next phase of my career, closer to my family,” stated Snabe. “What the entire SAP team has achieved since 2010 is remarkable, and the momentum we have built is now driving the transformation of the industry.”
Snabe and McDermott were named as co-CEOs in February 2010 when Leo Apotheker was forced out of the company. Apotheker was named as the chief executive officer at Hewlett Packard after that, but left after the company had a series of missteps.
“I am incredibly proud of what Jim and Bill have achieved together since they took the lead as co-CEOs in February 2010,” added SAP co-founder and supervisory board chairman Hasso Plattner. “With two of the best leaders in the industry, now I can look to bring Jim’s experience and energy to the SAP supervisory board, and be sure SAP is firmly in the hands of a visionary leader with Bill as sole CEO.”