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SAP CEO Bill McDermott Steps Down; Backs 2019 Outlook

SAP SE (SAP) said that Bill McDermott is stepping down from his position as chief executive officer. The company appointed its executive board members Jennifer Morgan and Christian Klein as co-chief executive officers, effective immediately.

McDermott will remain in an advisory role until the end of the year, the company said in a statement.

"SAP would not be what it is today without Bill McDermott," said Professor Hasso Plattner, chairman of the Supervisory Board of SAP SE.

McDermott was appointed co-chief executive officer in 2010 and sole chief executive officer in 2014, becoming the first American to lead the German software company.

Separately, SAP reported that its preliminary total revenue for the third quarter ended September 30, 2019 grew 13% year over year to 6.79 billion euros, up 13% on non-IFRS basis and 10% on non-IFRS at constant currencies.

Earnings per share for the third-quarter was up 28% to 1.04 euros and up 14% to 1.30 euros on non-IFRS basis.

Operating profit for the quarter increased 36% year over year to 1.68 billion euros, up 20% on non-IFRS and up 15% on non-IFRS at constant currencies.

For 2019, SAP continues to expect Non-IFRS operating profit to be in a range of 7.85 billion euros - 8.05 billion euros at constant currencies, up 9.5% - 12.5% at constant currencies. It expects total revenues to increase strongly, at a rate lower than operating profit.

Looking ahead for 2020, the company continues to expect non-IFRS total revenue of 28.6 billion euros - 29.2 billion euros, and non-IFRS operating profit of 8.8 billion euros, - 9.1 billion euros.

Over the period from 2018 through 2023, SAP continues to expect to grow to more than 35 billion euros in non-IFRS total revenue, compared to 24.74 billion euros reported in 2018.

The company said it will report its complete third quarter 2019 results on October. 21st.

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