McDermott to Become Sole SAP CEO After Snabe Steps Down
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SAP AG will end its dual chief executive officer structure next year, with Bill McDermott becoming sole leader as the largest maker of business-management software battles intensifying competition amid a shift in demand to Internet-based applications.
Co-CEO Jim Hagemann Snabe, 47, will join the supervisory board after a shareholder vote in May 2014, leaving the 51-year-old American McDermott at the helm, Walldorf, Germany-based SAP said after a board meeting yesterday.