February 8: SAP, the German software group, announces the departure of its chief executive, Leo Apotheker, and the appointment of new joint CEOs, Bill McDermott and Jim Hagemann Snabe.
May 12: SAP buys Sybase, a US software business, for $5.8bn. Just three months into their new jobs, Messrs McDermott and Snabe have struck. I know the pace of business life has increased, but this is speedy work by anyone's standards. They got in there just before their 100-day deadline.
New CEOs often arrive on the scene with what is called “a mandate for change”. But is it such a good idea to plunge into a major acquisition or sale within a few months of taking over? Some new research helps to provide an answer.
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