When business software company SAP announced in January it would lay off 4,400 s...
FRANKFURT - When business software company SAP announced in January it would lay off 4,400 staff, Chief Financial Officer Luka Mucic described the restructuring as a “fitness program” for Europe’s most valuable technology firm.
The departures underscore CEO Bill McDermott’s determination to deliver on his long-stated ambition to drag SAP out of its comfort zone providing old-school enterprise software and complete its transformation into a digital platform business. Nine years into McDermott’s tenure, SAP’s transition remains incomplete: Its legacy software license and support business remains its cash cow, accounting for three-quarters of revenue and most of profits. However, it is stagnating.
McDermott’s $8 billion takeover in November of Qualtrics, a U.S. firm that tracks consumer sentiment online, showed he is ready, if necessary, to pay top dollar for the talent needed for SAP to thrive in the digital era. The trio, along with axed board member Bernd Leukert, were prime exponents of the in-house programming language that has for decades been the beating heart of SAP’s range of enterprise software and database products.
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