Bill McDermott, the American chief executive of massive German business software maker SAP, will quit after a decade in charge, the company said in a surprise statement Friday. McDermott "has decided not to renew his contract and is stepping down from his position," SAP said, adding that he will be replaced by board members Jennifer Morgan and Christian Klein as co-chief executives.
"Every CEO dreams of handing an exceptionally strong company to its next generation... now we start the next chapter," McDermott tweeted. Compared with the departing 58-year-old, Klein, 39, and Morgan, 48, represent a markedly younger cohort taking control at SAP.
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