As ServiceNow Stock Sags, CEO John Donahoe Jumps To Nike

Former SAP CEO Bill McDermott, who stepped down from that company earlier this month, is tapped as new CEO of ITSM Juggernaut.

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ServiceNow CEO John Donahoe announced he is quitting the company to take a job as CEO of Nike. Donahoe is expected to take over the athletic apparel maker in January 2020.

“ServiceNow is a special company and leading the team has been an honor,” Donahoe said in a statement. “I’m very proud of what we have accomplished together and our deep commitment to delivering for our customers. I am very confident in ServiceNow’s future and am confident that the team will stay focused on strong execution.

Bill McDermott, who served as CEO of SAP from 2014 until recently, will join ServiceNow by year-end 2019 as President and Chief Executive Officer and a member of the Board of Directors, ServiceNow said in a statement.

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“ServiceNow is one of the most exciting innovation and growth companies in the world,” McDermott said. “The company has a transformational platform, immensely talented colleagues and limitless potential. Fred Luddy has given us an enduring foundation on which to build the company’s bright future. I consider it a personal honor to succeed John and help carry ServiceNow’s proud legacy forward to the next chapter. I’m fired up and can’t wait to get started!”

Jeff Miller, lead independent director of the ServiceNow board of directors, said he is “thrilled” McDermott is taking the reins.

“His global experience and proven track record will provide for a smooth transition and continued strong leadership,” he said.“Bill will further enhance ServiceNow’s momentum and reputation as a digital workflows leader committed to customer success, and as a preferred strategic partner enabling enterprise digital transformation.”

Donahoe has been in the job since April 2017, from which he has overseen revenue growth of greater than 30 percent each quarter, yet recently the stock price has lost value dropping from $302.31 in July to $228.34 at today’s close.