Jennifer Morgan Steps Down as Co-CEO of SAP Amid Pandemic Crisis

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Jennifer Morgan. Image via cfo.com.

Jennifer Morgan, who became SAP’s co-CEO after longtime chief executive Bill McDermott stepped down, is herself leaving the position, writes William Sprouse for cfo.com.

She will be leaving April 30. Christian Klein will be CEO at that point.

Returning to a single CEO is in response to the coronavirus pandemic “to secure strong and clear leadership responsibility in this unprecedented crisis,” SAP stated.

“Jen and I really started with a joint agenda,” Klein told reporters in a conference call. “The reason we decided to come back to a sole CEO model was because of the outbreak of the pandemic. There was no exact date to when SAP would have come back to a sole CEO model but in these turbulent times we thought now was the right time.”

Morgan joined SAP, which has its American headquarters in Newtown Square, in 2004.

She served as president of the cloud business before becoming co-CEO and was the first American woman on the company’s executive board.

SAP also said it would not conduct share buybacks this year after completing a $1.6 billion buyback program. It reaffirmed its goal of expanding profit margins by one percent per year through 2023.

Read more about Jennifer Morgan’s departure from SAP here.

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