Week in review: SAP, Walmart, Target, and more!
Every week we bring you an overview of the most important executive changes from around the world. This week, Bill McDermott stepped down as Chief Executive Officer of SAP after 10 years at the helm of the German software giant. Read more about this and other notable executive changes:
Bill McDermott steps down as Chief Executive Officer of SAP
SAP’s CEO Bill McDermott announced that he wouldn’t seek to renew his contract for the next year and would step down immediately. According to McDermott, his decision is a personal one and although he’s not ready to retire just yet, he simply believes that now is the right time for him to pass on the reins of the company. SAP Executive Board members Jennifer Morgan and Christian Klein have been appointed co-CEOs. McDermott will remain in an advisory capacity until the end of the year to ensure a smooth transition.
Walmart Names John Furner President & CEO of Walmart U.S.
Walmart announced that John Furner will become the President and Chief Executive Officer of Walmart U.S., following five years for the business segment under Greg Foran. Furner, 45, started with Walmart as an hourly associate in 1993, working part-time in the garden center of a supercenter. He worked his way up through a number of frontline leadership roles and ultimately became CEO of Sam’s Club in 2017. The company will announce Furner’s successor as President and CEO of Sam’s Club at a later date.
Target Names Michael Fiddelke Executive Vice President and Chief Financial Officer
Target has named Michael Fiddelke as Executive Vice President and Chief Financial Officer, effective November 1. In more than 15 years at Target, Fiddelke has served in a variety of roles across finance, merchandising, human resources, and operations. Most recently he served as Senior Vice President of Operations, leading numerous cross-functional enterprise initiatives spanning merchandising, supply chain, stores and guest experience. He replaces Cathy Smith, who had already announced her intention to step down earlier this year.
The Trade Desk Appoints Sandeep Swadia as Chief Data & Trust Officer
Global advertising technology leader, The Trade Desk, announced the appointment of Sandeep Swadia as the company’s first Executive Vice President, Chief Data and Trust Officer. Swadia is responsible for data strategies that will improve advertising relevance for The Trade Desk clients, while enhancing the consumer experience and improving business and consumer trust. Most recently, he served as the Chief Executive Officer of White Ops, where he helped orchestrate and lead an industrywide overhaul in digital advertising fraud prevention.
Boeing Board of Directors Separates CEO and Chairman Roles
Boeing has stripped Dennis A. Muilenburg of the Chairman title as the grounding of the 737 Max hits the seven-month mark. Muilenburg will continue as CEO, president and a director and David L. Calhoun, current independent lead director, will serve as non-executive chairman. In a statement, Boeing said that splitting the chairman and CEO roles will enable Muilenburg to focus full time on running the company as it works to return the 737 MAX safely to service, ensure full support to Boeing's customers around the world, and implement changes to sharpen Boeing's focus on product and services safety.
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