- Todd McElhatton, the head of SAP SE’s cloud division, will become the head of finances at San Mateo, California-based cloud applications Zuora on June 22
Todd McElhatton, the head of SAP SE’s cloud division, will become the head of finances at San Mateo, California-based cloud applications Zuora on June 22. McElhatton will be succeeding Tyler Sloat — who departed from Zuora Inc (NYSE: ZUO) to become CFO of Freshworks earlier this month.
McElhatton brings over 25 years of corporate finance leadership to the role at Zuora. And McElhatton will oversee the company’s accounting and finance teams and will report to Zuora’s co-founder and CEO Tien Tzuo.
Zuora is known for working with companies to manage subscription-based business models. The company went public in April 2018 and it has been dealing with slow year-over-year growth. As a result, the stock price has been sputtering at about $11 to $12 compared to the $14 IPO price. Bringing McElhatton to the CFO role could help the company make some strategic financial decisions to fix that problem.
McElhatton oversaw SAP’s $7 billion cloud unit for about two years. During that time, SAP had acquired companies like Concur, SuccessFactors, and Qualtrics.
McElhatton is not the only major executive that departed from SAP in the past year. Bill McDermott worked at SAP for about a decade to become CEO of ServiceNow late last year. And Jennifer Morgan, one of McDermott’s successors, stepped down from the company due to disagreements with co-CEO Christian Klein about the direction of the company. Plus SAP chief product officer Abdul Razack also left earlier this month.
Key Quotes:
“Todd brings an incredible depth of knowledge and experience to Zuora having scaled multi-billion-dollar cloud businesses across a number of the best-known software companies in the world. Todd’s track record of accelerating enterprise growth makes him a tremendous addition to the Zuora executive management team.”
– Zuora’s co-founder and CEO Tien Tzuo
“Over the next decade, every company must transform into a subscription business. Leading finance organizations at SAP, Oracle, and VMware, I’ve seen how a cloud-first strategy backed by the power of recurring revenue can power growth at scale,” said McElhatton. “I am thrilled to join Zuora as CFO, as I wholeheartedly believe in Zuora’s mission to transform every company into a subscription business. It’s the future of the enterprise.”
– Todd McElhatton, senior vice president and chief financial officer of SAP Cloud Business Group
