The world is experiencing different worlds colliding and in this case, change starts not only of the systems, but of ideas, processes, and people too. Think of a difficult puzzle, in which each of the departments and regions has a piece about it finance, treasury, tax, and IT. It is not easy to bring these pieces to the comprehensible picture. The true opportunity, however, herein, in this difficulty, lies in the possibility of drawing smooth lines that turn complication into clarity. This is the kind of transformation that has been of interest to Karunakar Grandhe an executive with over 20 years experience of hopping up and down the thin threads of technology and finance in the international business.&nbsp;Karunakar entered the world at the crossroad between the conventional ERP systems and the new analytics systems. He was a technologist and strategist as well as having knowledge of SAP S/4HANA, Wallstreet Suite in Treasury and cloud solutions, like AWS and Databricks. It was more than just another program installed to him but creation of ecosystems where the flow of information is not limited, automatic generation of insights and a leader can work with confidence.&nbsp;The strategist is the person in charge of various breakthrough projects in a major drug firm where he works as an Associate Director of Technical Product Management and which represent this philosophy. One such project was the VAT Data Analytics platform, which was the consolidation of the SAP and the third party tax data into a single source of truth. The project replaced years of manual and siloed reports with automated and smooth compliance checks. Similarly, he has transformed the Management Service Fee System that would have been challenging to automate before because of the complexity involved in the process of allocating fees and billing but now, he has centralized it bythe HANA and Spotfire. These findings show how the actual world challenges can be addressed not through introducing the layers of technology, but by bringing together the resources available with caution.&nbsp;His writing on treasury solutions bears a very repetitive theme which is connectiveness to showcase broader viewpoints. The Treasury Cash Alignment project increased cash flow forecasting through the addition of invoice data to accounts receivable and payable, which sounds technical, but allowed the leadership to have a better understanding of financial data. It has developed its Bank Risk Management System on the cloud and data processing platforms that have dynamic dashboards to monitor the global exposures and risks easily. To realize more Treasury Insurance Dashboard consolidates the assets values of multiple SAP systems, and the financial teams may have a cohesive view that may result in the decisions that have the impact and are timely.&nbsp;Not only the deployment of technology but bringing together the stakeholders in both business and IT is the strength of the expert. His work as an IT head of FX Risk and analytics implies the constant cooperation, mentoring of teams, and product lifecycles with the focus to alignment and quality. His high credentials and awards testify to his willingness to continue learning and never-ending improvement, which is the spirit of sustainable change.&nbsp;Speaking about his career, he is inclined to mention the fact that the change should be realized not just with the help of technical knowledge: It is also about listening to all sides of the business and attempting to make their stories intertwined with facts and technologies. His SAP enhancements to global product ownership underscores a philosophy in which technology may be employed as a bridge. not barrier.&nbsp;With the enterprises looking into the future, such integrative leaders are becoming more necessary. The future of finance requires systems that are adaptive, connected and empowered, where insights based on data cause action to be taken without a bottleneck. It is a very interesting chapter in an overall story of how a leadership that is based on not only technical know-how, but also on strategic insight can turn the complicated into the uncomplicated, and points out the universal law that significant change is only made when the technology and people grow together.

Karunakar entered the world at the crossroad between the conventional ERP systems and the new analytics systems. 

The world is experiencing different worlds colliding and in this case, change starts not only of the systems, but of ideas, processes, and people too. Think of a difficult puzzle, in which each of the departments and regions has a piece about it finance, treasury, tax, and IT. It is not easy to bring these pieces to the comprehensible picture. The true opportunity, however, herein, in this difficulty, lies in the possibility of drawing smooth lines that turn complication into clarity. This is the kind of transformation that has been of interest to Karunakar Grandhe an executive with over 20 years experience of hopping up and down the thin threads of technology and finance in the international business. Karunakar entered the world at the crossroad between the conventional ERP systems and the new analytics systems. He was a technologist and strategist as well as having knowledge of SAP S/4HANA, Wallstreet Suite in Treasury and cloud solutions, like AWS and Databricks. It was more than just another program installed to him but creation of ecosystems where the flow of information is not limited, automatic generation of insights and a leader can work with confidence. The strategist is the person in charge of various breakthrough projects in a major drug firm where he works as an Associate Director of Technical Product Management and which represent this philosophy. One such project was the VAT Data Analytics platform, which was the consolidation of the SAP and the third party tax data into a single source of truth. The project replaced years of manual and siloed reports with automated and smooth compliance checks. Similarly, he has transformed the Management Service Fee System that would have been challenging to automate before because of the complexity involved in the process of allocating fees and billing but now, he has centralized it by the HANA and Spotfire. These findings show how the actual world challenges can be addressed not through introducing the layers of technology, but by bringing together the resources available with caution. His writing on treasury solutions bears a very repetitive theme which is connectiveness to showcase broader viewpoints. The Treasury Cash Alignment project increased cash flow forecasting through the addition of invoice data to accounts receivable and payable, which sounds technical, but allowed the leadership to have a better understanding of financial data. It has developed its Bank Risk Management System on the cloud and data processing platforms that have dynamic dashboards to monitor the global exposures and risks easily. To realize more Treasury Insurance Dashboard consolidates the assets values of multiple SAP systems, and the financial teams may have a cohesive view that may result in the decisions that have the impact and are timely. Not only the deployment of technology but bringing together the stakeholders in both business and IT is the strength of the expert. His work as an IT head of FX Risk and analytics implies the constant cooperation, mentoring of teams, and product lifecycles with the focus to alignment and quality. His high credentials and awards testify to his willingness to continue learning and never-ending improvement, which is the spirit of sustainable change. Speaking about his career, he is inclined to mention the fact that the change should be realized not just with the help of technical knowledge: It is also about listening to all sides of the business and attempting to make their stories intertwined with facts and technologies. His SAP enhancements to global product ownership underscores a philosophy in which technology may be employed as a bridge. not barrier. With the enterprises looking into the future, such integrative leaders are becoming more necessary. The future of finance requires systems that are adaptive, connected and empowered, where insights based on data cause action to be taken without a bottleneck. It is a very interesting chapter in an overall story of how a leadership that is based on not only technical know-how, but also on strategic insight can turn the complicated into the uncomplicated, and points out the universal law that significant change is only made when the technology and people grow together.

Karunakar entered the world at the crossroad between the conventional ERP systems and the new analytics systems.&nbsp;

No templates, just transformation: The SAP lead who brought 3 finance worlds together

India's strategic positioning and economic growth have made it a beacon for global businesses amid global volatility. As the world grapples with supply chain disruptions, rising costs, and geopolitical tensions, the need for efficient, intelligent, and sustainable spend management has never been more critical.

India's strategic position in global trade ft. SAP

In an era marked by global economic turbulence, geopolitical shifts, and the relentless pursuit of efficiency, India's strategic position has emerged as a compelling force. With its vast market, burgeoning talent pool, and favourable government policies, India offers a unique blend of opportunities and challenges that demand innovative solutions.

SAP, a leading provider of enterprise resource planning software, understands the unique challenges faced by Indian businesses. The company recently hosted the Spend Connect Innovation Day in Delhi, bringing together industry leaders, tech visionaries, and practitioners to discuss innovative solutions for spend management and supply chain optimization.

To understand how SAP is addressing the unique challenges and opportunities facing Indian businesses, we spoke with <a href="https://www.youtube.com/watch?v=W1oi9fmq3uw">Ashwani Narang, Vice President of Intelligent Spend &amp; Business Network at SAP Indian Subcontinent</a>.

India's Role in Global Supply Chains

India's strategic location and growing economy have made it a key player in global supply chains. "Around 65% of enterprises are looking to expand in India," Ashwani explained. "This shift towards India is driven by factors such as a skilled workforce, favourable government policies, and a growing domestic market."

As a result, India is poised to become a central hub for global supply chains. "India has the potential to be the supplier of the world," Ashwani stated. "By leveraging its strengths, India can attract investments, create jobs, and drive economic growth."

Intelligent Spend Management: A Comprehensive Solution

SAP offers a comprehensive solution for intelligent spend management, helping businesses optimise their spending across the entire supply chain. "We bring all expenses under one intelligent umbrella," Ashwani explained. "Our solution provides visibility into spending, enables efficient procurement, and supports supplier collaboration."

SAP's platform also empowers suppliers to connect with more buyers and expand their business. "Suppliers can leverage our network to increase their visibility, access new markets, and improve their operations," Ashwani said.

Sustainability at the Core

Sustainability is a growing concern for businesses worldwide, and SAP is committed to helping companies integrate sustainability into their operations. "Consumers are willing to pay 3.5 times more for sustainable products," Ashwani noted. "People prefer brands that are committed to environmental and social responsibility."

SAP's solutions incorporate ESG (Environmental, Social, and Governance) factors, enabling businesses to measure and improve their sustainability performance. "ESG is at the centre of our product," Ashwani emphasised.

The Power of Generative AI

SAP is also exploring the potential of generative AI to further enhance its solutions. "We are providing conversational UI to make our products more intuitive and user-friendly," Ashwani explained. "Generative AI can help businesses automate tasks, generate insights, and improve decision-making."

As Indian businesses continue to navigate a complex and dynamic business environment, innovative solutions like SAP's offer valuable tools for driving success. By managing their expenses across product supply chains, Indian businesses can position themselves for long-term growth and sustainability in an uncertain environment.

In an era marked by global economic turbulence, geopolitical shifts, and the relentless pursuit of efficiency, India's strategic position has emerged as a compelling force.

In an era marked by global economic turbulence, geopolitical shifts, and the relentless pursuit of efficiency, India's strategic position has emerged as a compelling force. With its vast market, burgeoning talent pool, and favourable government policies, India offers a unique blend of opportunities and challenges that demand innovative solutions. SAP, a leading provider of enterprise resource planning software, understands the unique challenges faced by Indian businesses. The company recently hosted the Spend Connect Innovation Day in Delhi, bringing together industry leaders, tech visionaries, and practitioners to discuss innovative solutions for spend management and supply chain optimization. To understand how SAP is addressing the unique challenges and opportunities facing Indian businesses, we spoke with Ashwani Narang, Vice President of Intelligent Spend & Business Network at SAP Indian Subcontinent. India's Role in Global Supply Chains India's strategic location and growing economy have made it a key player in global supply chains. "Around 65% of enterprises are looking to expand in India," Ashwani explained. "This shift towards India is driven by factors such as a skilled workforce, favourable government policies, and a growing domestic market." As a result, India is poised to become a central hub for global supply chains. "India has the potential to be the supplier of the world," Ashwani stated. "By leveraging its strengths, India can attract investments, create jobs, and drive economic growth." Intelligent Spend Management: A Comprehensive Solution SAP offers a comprehensive solution for intelligent spend management, helping businesses optimise their spending across the entire supply chain. "We bring all expenses under one intelligent umbrella," Ashwani explained. "Our solution provides visibility into spending, enables efficient procurement, and supports supplier collaboration." SAP's platform also empowers suppliers to connect with more buyers and expand their business. "Suppliers can leverage our network to increase their visibility, access new markets, and improve their operations," Ashwani said. Sustainability at the Core Sustainability is a growing concern for businesses worldwide, and SAP is committed to helping companies integrate sustainability into their operations. "Consumers are willing to pay 3.5 times more for sustainable products," Ashwani noted. "People prefer brands that are committed to environmental and social responsibility." SAP's solutions incorporate ESG (Environmental, Social, and Governance) factors, enabling businesses to measure and improve their sustainability performance. "ESG is at the centre of our product," Ashwani emphasised. The Power of Generative AI SAP is also exploring the potential of generative AI to further enhance its solutions. "We are providing conversational UI to make our products more intuitive and user-friendly," Ashwani explained. "Generative AI can help businesses automate tasks, generate insights, and improve decision-making." As Indian businesses continue to navigate a complex and dynamic business environment, innovative solutions like SAP's offer valuable tools for driving success. By managing their expenses across product supply chains, Indian businesses can position themselves for long-term growth and sustainability in an uncertain environment.

India's strategic position in global business: A beacon for Intelligent Spend management

A unique conversational show that brings the top leaders across all industries, sharing their insights on different agendas, right at the centre of WION's headquarters. Watch SAP India's VP & Head of Marketing, Rahul Singh in an exclusive interview with Jasper Reid.

SAP's VP & Head of Marketing, Rahul Singh in an exclusive interview with WION

German tech giants SAP and Siemens have joined their US counterparts&nbsp;in raising their voices against the proposed EU Data Act. The law, which aims to tackle the tech industry's monopolistic powers and support the EU's digital and green goals, includes a provision that demands companies to share their data with third parties.&nbsp;

However, the German tech giants fear that such an act could spill their trade secrets and shatter Europe's competitiveness.

The two companies came together and penned a letter to the European Union, calling for protective measures to refuse data-sharing requests in cases where trade secrets, cybersecurity, and health and safety are at stake, as reported by Reuters. They also contended that the legislation should not be expanded to cover more devices.

The letter, dated May 4 and seen by Reuters, has been signed by the chief executives of SAP and Siemens. In the letter, the German companies argue&nbsp;that the legislation could force EU companies to disclose data to third-country competitors, notably those not operating in Europe and against which the Data Act's safeguards would be ineffective. They also call&nbsp;for the legislation to preserve contractual freedom by allowing customers and providers to agree on the best contracts for each business case.

Triggering a growing debate: Is our data safe and secure?

The proposed EU Data Act has sparked a heated debate between tech companies and lawmakers over the balance between protecting user privacy and promoting innovation. While the law&nbsp;could benefit consumers, it could also put companies' proprietary information at risk.

SAP and Siemens are not alone in their opposition to the Data Act. Tech giants from the US, including Amazon, Google, and Microsoft, have also criticized the legislation, saying it is too restrictive and could stifle innovation.

The EU's efforts to regulate big tech companies are part of a broader push to exert greater control over the digital economy. However, the concerns raised by companies like SAP and Siemens demonstrate the challenge of balancing the interests of consumers, companies, and regulators. While greater regulation may be necessary to protect user privacy and ensure fair competition, it's equally important to safeguard innovation and the competitiveness of EU firms.

Currently, the EU has not responded to the concerns of SAP and Siemens, and the proposed legislation is still being discussed and debated by EU lawmakers. It will likely be some time before it is adopted as legislation.&nbsp;

German tech giants SAP and Siemens have joined their US counterparts in raising their voices against the proposed EU Data Act. The law, which aims to tackle the tech industry's monopolistic powers and support the EU's digital and green goals, includes a provision that demands companies to share their data with third parties.

German tech giants SAP and Siemens have joined their US counterparts in raising their voices against the proposed EU Data Act. The law, which aims to tackle the tech industry's monopolistic powers and support the EU's digital and green goals, includes a provision that demands companies to share their data with third parties. However, the German tech giants fear that such an act could spill their trade secrets and shatter Europe's competitiveness. The two companies came together and penned a letter to the European Union, calling for protective measures to refuse data-sharing requests in cases where trade secrets, cybersecurity, and health and safety are at stake, as reported by Reuters. They also contended that the legislation should not be expanded to cover more devices. The letter, dated May 4 and seen by Reuters, has been signed by the chief executives of SAP and Siemens. In the letter, the German companies argue that the legislation could force EU companies to disclose data to third-country competitors, notably those not operating in Europe and against which the Data Act's safeguards would be ineffective. They also call for the legislation to preserve contractual freedom by allowing customers and providers to agree on the best contracts for each business case. Triggering a growing debate: Is our data safe and secure? The proposed EU Data Act has sparked a heated debate between tech companies and lawmakers over the balance between protecting user privacy and promoting innovation. While the law could benefit consumers, it could also put companies' proprietary information at risk. SAP and Siemens are not alone in their opposition to the Data Act. Tech giants from the US, including Amazon, Google, and Microsoft, have also criticized the legislation, saying it is too restrictive and could stifle innovation. The EU's efforts to regulate big tech companies are part of a broader push to exert greater control over the digital economy. However, the concerns raised by companies like SAP and Siemens demonstrate the challenge of balancing the interests of consumers, companies, and regulators. While greater regulation may be necessary to protect user privacy and ensure fair competition, it's equally important to safeguard innovation and the competitiveness of EU firms. Currently, the EU has not responded to the concerns of SAP and Siemens, and the proposed legislation is still being discussed and debated by EU lawmakers. It will likely be some time before it is adopted as legislation.

Big data wars: SAP and Siemens clash with European Union over data Act

Germany's enterprise application software-maker SAP will cut 3,000 jobs or 2.5 per cent of its total workforce globally. SAP will also explore the options to sell off its 71 per cent stake in Qualtrics, another software company in Germany that focuses on the cloud computing business. The company will cut a little more than 200 jobs in Germany, where it is currently headquartered.

SAP now joins the likes of Alphabet-owned Google, Microsoft, Amazon and Meta who announced thousands of layoffs in recent times in what some of them said was part of their efforts to brace for more difficult economic conditions.

ALSO WATCH |&nbsp;<a href="https://www.wionews.com/videos/gravitas-why-are-tech-giants-laying-off-thousands-549863">Gravitas: Why are Tech Giants laying off thousands?</a>

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“We expect only a moderate cost saving impact for 2023, and a more pronounced one in 2024, about 300 million euros to 350 million in run rate savings as of 2024,” Chief Financial Officer Luka Mucic said in a call with journalists, Reuters reported.&nbsp;

Strong rise in revenues, still layoffs

The layoffs come after SAP reported a 30 per cent revenue increase in its cloud business in the fourth quarter, stoked&nbsp;by strong demand for its software.

SAP has also started the process to sell its stake in Qualtrics, which it had bought for $8 billion in 2018 and took it public in 2021 at a valuation of nearly $21 billion. Qualtrics current valuation stands at $7 billion.

“(The sale) would result in a quite significant one-time gain,” Mucic said. “This would materially increase the profit performance of SAP, but it's currently not reflected in the outlook,” Luca Mucic said.

ALSO READ |&nbsp;<a href="https://www.wionews.com/technology/ford-plans-3200-job-cuts-in-europe-plans-to-move-some-work-to-the-us-555314">Ford to cut 3,200 jobs in Europe; plans to move some work to the US</a>

SAP forecast core operating profit of 8.8-8.9 billion euros at constant currencies for this year. It also expects cloud revenue at constant currencies for 2023 to rise to 15.3-15.7 billion euros, from 12.56 billion euros last year.

SAP has also been signing more customers.

“We are going to announce a unique strategic partnership with BMW betting on SAP on all dimensions — one of the biggest deals ever, which was signed yesterday,” Chief Executive Christian Klein said.

(With inputs from agencies)

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Germany's enterprise application software-maker SAP will cut 3,000 jobs or 2.5 per cent of its total workforce globally. SAP will also explore the options to sell off its 71 per cent stake in Qualtrics, another software company in Germany that focuses on the cloud computing business.

Germany's enterprise application software-maker SAP will cut 3,000 jobs or 2.5 per cent of its total workforce globally. SAP will also explore the options to sell off its 71 per cent stake in Qualtrics, another software company in Germany that focuses on the cloud computing business. The company will cut a little more than 200 jobs in Germany, where it is currently headquartered. SAP now joins the likes of Alphabet-owned Google, Microsoft, Amazon and Meta who announced thousands of layoffs in recent times in what some of them said was part of their efforts to brace for more difficult economic conditions. ALSO WATCH | Gravitas: Why are Tech Giants laying off thousands? × “We expect only a moderate cost saving impact for 2023, and a more pronounced one in 2024, about 300 million euros to 350 million in run rate savings as of 2024,” Chief Financial Officer Luka Mucic said in a call with journalists, Reuters reported. Strong rise in revenues, still layoffs The layoffs come after SAP reported a 30 per cent revenue increase in its cloud business in the fourth quarter, stoked by strong demand for its software. SAP has also started the process to sell its stake in Qualtrics, which it had bought for $8 billion in 2018 and took it public in 2021 at a valuation of nearly $21 billion. Qualtrics current valuation stands at $7 billion. “(The sale) would result in a quite significant one-time gain,” Mucic said. “This would materially increase the profit performance of SAP, but it's currently not reflected in the outlook,” Luca Mucic said. ALSO READ | Ford to cut 3,200 jobs in Europe; plans to move some work to the US SAP forecast core operating profit of 8.8-8.9 billion euros at constant currencies for this year. It also expects cloud revenue at constant currencies for 2023 to rise to 15.3-15.7 billion euros, from 12.56 billion euros last year. SAP has also been signing more customers. “We are going to announce a unique strategic partnership with BMW betting on SAP on all dimensions — one of the biggest deals ever, which was signed yesterday,” Chief Executive Christian Klein said. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Layoffs and firings: German software-maker SAP to cut thousands of jobs

Business software group SAP&nbsp;said on Monday that it had reached a three-year deal with Microsoft&nbsp;to help its large enterprise customers move their business processes into the cloud.

The partnership, called "Embrace", will help clients to run operations hosted at remote servers supported by SAP's flagship S/4HANA database, new Co-Chief Executive Officer Jennifer Morgan said as SAP released its final third-quarter results in line with preliminary figures released on October&nbsp;11.

"We bundled SAP's cloud platform services to support customers around the extension, integration and orchestration of SAP systems," Morgan told reporters, adding the product would be sold through Microsoft's distribution channels.

Disclosure of the partnership comes after long-time CEO Bill McDermott stepped down to make way for Morgan, the first woman to become CEO of a company in Germany's blue-chip DAX index - alongside fellow Co-CEO Christian Klein.

The deal - which helped SAP double new cloud bookings in the third quarter, addresses a complaint from many customers that it is too hard to shift from SAP's traditional on-premise model to remotely hosted services.

The partnership deepens SAP's already close relationship with Microsoft and its Azure cloud division, although the Walldorf-based company also works with Google&nbsp;and Amazon Web Services&nbsp;in the cloud.

De-emphasising its own-brand cloud offering is turning out to be one factor supporting a pickup in SAP's cloud gross margins. These picked up by 5.4 percentage points to 69% in the third quarter, compared with a 2023 target of 75 per cent.

In the third quarter, SAP reported a 10 per cent&nbsp;increase in revenue and a 15 per cent&nbsp;rise in operating profit, after adjusting one-off items and currencies, helping it to achieve an expansion of 1.7 per cent&nbsp;in its operating margins.

The company reiterated its forecast for the year and through to 2023. SAP is due to update investors on strategy at a capital markets' day in New York on Nov. 12.

Business software group SAP said on Monday that it had reached a three-year deal with Microsoft to help its large enterprise customers move their business processes into the cloud.

Business software group SAP said on Monday that it had reached a three-year deal with Microsoft to help its large enterprise customers move their business processes into the cloud. The partnership, called "Embrace", will help clients to run operations hosted at remote servers supported by SAP's flagship S/4HANA database, new Co-Chief Executive Officer Jennifer Morgan said as SAP released its final third-quarter results in line with preliminary figures released on October 11. "We bundled SAP's cloud platform services to support customers around the extension, integration and orchestration of SAP systems," Morgan told reporters, adding the product would be sold through Microsoft's distribution channels. Disclosure of the partnership comes after long-time CEO Bill McDermott stepped down to make way for Morgan, the first woman to become CEO of a company in Germany's blue-chip DAX index - alongside fellow Co-CEO Christian Klein. The deal - which helped SAP double new cloud bookings in the third quarter, addresses a complaint from many customers that it is too hard to shift from SAP's traditional on-premise model to remotely hosted services. The partnership deepens SAP's already close relationship with Microsoft and its Azure cloud division, although the Walldorf-based company also works with Google and Amazon Web Services in the cloud. De-emphasising its own-brand cloud offering is turning out to be one factor supporting a pickup in SAP's cloud gross margins. These picked up by 5.4 percentage points to 69% in the third quarter, compared with a 2023 target of 75 per cent. In the third quarter, SAP reported a 10 per cent increase in revenue and a 15 per cent rise in operating profit, after adjusting one-off items and currencies, helping it to achieve an expansion of 1.7 per cent in its operating margins. The company reiterated its forecast for the year and through to 2023. SAP is due to update investors on strategy at a capital markets' day in New York on Nov. 12.

SAP in three-year cloud partnership with Microsoft

Bill McDermott, the American chief executive of massive German business software maker SAP, will quit after a decade in charge, the company said Friday.

McDermott "has decided not to renew his contract and is stepping down from his position," SAP said in a statement, adding that he will be replaced by board members Jennifer Morgan and Christian Klein as co-chief executives.

The company did not give a reason for the longtime chief's sudden departure.

He joined the software maker in 2002, climbing to the executive board in 2008 and serving as CEO since 2010.

"Every CEO dreams of handing an exceptionally strong company to its next-generation... now we start the next chapter," McDermott tweeted.

SAP said the veteran executive "will remain in an advisory capacity until the end of the year to ensure a smooth transition".

His contract had originally been slated to run until 2021.

"SAP would not be what it is today without Bill McDermott," supervisory board chairman Hasso Plattner said.

He singled out for praise SAP's transition from selling traditional software licenses to subscriptions to cloud computing services, "which will fuel our growth for many years to come".

A member of the DAX blue-chip index on the Frankfurt stock market, SAP boasts a market capitalisation of almost $143 billion.

In third-quarter results released ahead of schedule Friday, the group reported 13 per cent year-on-year growth in revenue, to 6.8 billion euros.

Net profit grew 30 percent compared with July-September 2018, to 1.3 billion euros.

Bill McDermott, the American chief executive of massive German business software maker SAP, will quit after a decade in charge, the company said Friday. McDermott "has decided not to renew his contract and is stepping down from his position," SAP said in a statement, adding that he will be replaced by board members Jennifer Morgan and Christian Klein as co-chief executives.

Bill McDermott, the American chief executive of massive German business software maker SAP, will quit after a decade in charge, the company said Friday. McDermott "has decided not to renew his contract and is stepping down from his position," SAP said in a statement, adding that he will be replaced by board members Jennifer Morgan and Christian Klein as co-chief executives. The company did not give a reason for the longtime chief's sudden departure. He joined the software maker in 2002, climbing to the executive board in 2008 and serving as CEO since 2010. "Every CEO dreams of handing an exceptionally strong company to its next-generation... now we start the next chapter," McDermott tweeted. SAP said the veteran executive "will remain in an advisory capacity until the end of the year to ensure a smooth transition". His contract had originally been slated to run until 2021. "SAP would not be what it is today without Bill McDermott," supervisory board chairman Hasso Plattner said. He singled out for praise SAP's transition from selling traditional software licenses to subscriptions to cloud computing services, "which will fuel our growth for many years to come". A member of the DAX blue-chip index on the Frankfurt stock market, SAP boasts a market capitalisation of almost $143 billion. In third-quarter results released ahead of schedule Friday, the group reported 13 per cent year-on-year growth in revenue, to 6.8 billion euros. Net profit grew 30 percent compared with July-September 2018, to 1.3 billion euros.

Chief executive of German business software group SAP steps down

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