McDermott is replacing John Donahoe, whose exit from the company was announced at the same time in a separate press release. Danohoe is moving on to become the CEO of Nike after serving as ServiceNow’s CEO since 2017. He will remain on the Board of Nike where he has been a member since 2014.
Last week SAP announced that McDermott will be replaced executive boards members Jennifer Morgan and Christian Klein in a co-chief executive officer structure
“I consider it a personal honor to succeed John,” McDermott said in a prepared statement, adding he was “fired up” to help “carry ServiceNow’s proud legacy forward to the next chapter.”
The news was accompanied by ServiceNow’s preliminary third quarter 2019 financial results. Third quarter revenue will come to $885.8 million, a 32 per cent increase from a year ago. Subscription billings during that time were $864 million.
The company said Q3 revenue will come to $885.8 million, up 32 per cent from a year ago. Subscription billings for the third quarter were $864 million. For the full year 2019, ServiceNow expects subscription revenues to be between $3.24 billion and $3.25 billion and subscription billings to be between $3.74 billion and $3.75 billion.