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ServiceNow says ex-SAP boss Bill McDermott will be its new CEO - Business Insider

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Former SAP chief exec Bill McDermott is stepping up as the new CEO of cloud software giant ServiceNow because the old one is taking over Nike

Two crossed lines that form an 'X'. It indicates a way to close an interaction, or dismiss a notification.Bill McDermott, who just stepped down as SAP's CEO, will be the next chief executive of ServiceNow.Donahoe has led ServiceNow since 2017, while McDermott had led SAP from 2010 until two weeks ago.ServiceNow said Tuesday that Bill McDermott, who has just stepped down as chief executive at software behemoth SAP, will be its next CEO, replacing outgoing CEO John Donahoe..

ServiceNow shares tumbled 8% in late trades. The company, which offers cloud based enterprise applications, announced preliminary third-quarter results ahead of its report scheduled for Wednesday. ServiceNow said it expects revenue of $885.8 million which is in line with Wall Street's expectations., replacing Frank Slootman. In a statement, the company said he led strong customer growth and helped ServiceNOw post annual revenue growth of more than 30% each quarter.

"ServiceNow is a special company and leading the team has been an honor," Donahoe said in a statement. Got a tip about ServiceNow, SAP or another tech company? Contact this reporter via email at bpimentel@businessinsider.com, message him on Twitter

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