Enjoy more audio and podcasts oniOSorAndroid.
Mr Klein became
CEO at the peak of covid-19’s first wave. It had hurt
SAP more than other tech firms: many of its biggest clients, such as carmakers and energy companies, were temporarily hit by the pandemic. And it struck as more rivals were vying for swathes of the business-software market that the German giant used to rule.
Then, in October, Mr Klein was humbled when he presented changes to
SAP’s business model that would depress margins in the short run and delay earlier revenue and profit targets by two years. Combined with lacklustre results for the third quarter, the news shaved 22% off the firm’s share price, wiping out €35bn ($41bn) in market value, the sharpest drop in 21 years and almost unheard of for a firm of