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Only female co-CEO at a DAX company leaves

April 21, 2020

Jennifer Morgan is leaving SAP just months after the German software giant made her co-CEO and the first woman to head a company on Germany's DAX. Christian Klein will take over solo. The company blamed the coronavirus.

Jennifer Morgan
Image: Getty Images/AFP/D. Roland

German business software giant SAP on Tuesday blamed the coronavirus and the resultant "unprecedented change" to the world economy for Morgan's departure and its decision to retain co-CEO Christian Klein as a solo boss in future. The company said it wanted to return to a more normal, single-person leadership model in unusual times. 

Last October, Morgan, 48, alongside Klein, 39, had jointly taken over from former CEO Bill McDermott, in line with mounting calls — particularly in Germany — for women's advancement at top managerial level.

American businesswoman Morgan's rise to jointly head a German company triggered international headlines and was billed by SAP as the way forward following in the tracks of its co-founder Hasso Plattner.

In Tuesday's surprise message, endorsed by Morgan, SAP said it had "become clear that now is the right time for the company to transition to a single CEO leading the business."

Read more:  Germany — where female board members earn more than men

Klein, during a telephone press conference not attended by Morgan, said he and Morgan had realized that dual leadership was no longer suitable.

Christian Klein has spent his entire career with SAPImage: Getty Images/AFP/D. Roland

Reporting its first quarter results, SAP quoted Morgan as saying her time at SAP had been a "great privilege," adding that solo leadership was right, given the pandemic.

Despite such upheavals, SAP reported revenues of €6.5 billion ($7 billion) over the first three months, up 7% year-on-year, and net profit at €811 million.

After expensive personal restructuring last year, SAP in February began to rearrange its top managerial ranks, reportedly to deal with customer complaints over its slimming-down of its software assortment.

Klein, who's been with the company since he was a student, on Tuesday said SAP would maintain its strong focus on cloud computing solutions.

ipj/msh (AFP, dpa, Reuters)

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