The German-based software giant SAP CEO Bill McDermott has stepped down from his post and has said that he will not seek renewal of his contract for 2020.
The company said in a statement that two of its executives, Jennifer Morgan and Christian Klein, will serve as the co-CEOs of the company and McDermott will act as an adviser till the end of 2019.
McDermott has been with SAP for more than 17 years. He became the CEO in the year 2014, before that he was the CEO of SAP America in 2002 and became the co-CEO of the entire SAP in 2010.
He has also worked with Xerox Corp prior to SAP where he had spent nearly two decades.
