After more than 20 years with SAP, co-CEO Jim Hagemann Snabe has decided to step down from his current role to begin the next phase of his career, closer to his family.
The SAP Supervisory Board has proposed that Snabe be elected to the SAP Supervisory Board at the SAP Annual General Meeting of Shareholders in May 2014.
This proposal is subject to support by at least 25 per cent of the shareholders. If he is elected, Snabe will transition from his current role as co-CEO and member of the SAP Executive Board upon the conclusion of the meeting, ten months from now.
Fellow co-CEO Bill McDermott will be left as the sole CEO of the company.
Snabe was appointed co-CEO of SAP alongside McDermott in February 2010 and has been a member of the SAP Executive Board since July 2008.
“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. I would be honoured to continue my commitment to SAP in serving as a member of the Supervisory Board, building on the partnership and friendship with Bill McDermott and the entire Global Managing Board, to further accelerate SAP’s success,” Snabe said.
Co-Founder of SAP and Chairman of the SAP Supervisory Board, Hasso Plattner, says he is incredibly proud of what Jim and Bill have achieved together since they took the lead as co-CEOs.
“They have exceeded my expectations in expanding SAP’s market leadership and profitable growth through a relentless focus on innovation and customer success. 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,” he said.
“As co-CEOs, we have a proven track record of making bold decisions that set SAP and our customers up for value and growth,” said McDermott.
“The proposed set-up, with Jim joining the Supervisory Board, builds on the strength of our partnership and personal friendship, and will make SAP an even stronger company as we accelerate the transformation of the industry. Our commitment to SAP, our global customers and our innovation agenda is stronger than ever.”
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