Only female co-CEO at a DAX company leaves

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.

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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