SAP (SAP) announced that Bill McDermott has decided not to renew his contract and is stepping down from his position as chief executive officer.

In activating the company's long-term succession plan, SAP Executive Board Members Jennifer Morgan and Christian Klein have been appointed co-chief executive officers, effective immediately, with the approval of the Supervisory Board of SAP SE. McDermott will remain in an advisory capacity until the end of the year to ensure a smooth transition.

McDermott joined SAP in 2002.