"No matter how much profit and revenue growth ServiceNow generates, Wall Street has been too worried about the threat of AI to notice or care. Bill McDermott has had enough. The ServiceNow CEO is so sure AI won't eat software that he's betting more on his own stock and committing to stay on as the company's leader through 2030. McDermott also said he recently redid his executive compensation to tie his future pay more closely to ServiceNow's stock performance over the next three years."
""We're building a trillion-dollar company here," McDermott told Business Insider in an interview on Wednesday. The company, which sells software to businesses, once again reported quarterly revenue and profit that beat Wall Street expectations on Wednesday. It also announced a new partnership with AI startup Anthropic. "Through my own compensation, I'm betting on the stock," McDermott said. As a sign of confidence, ServiceNow approved a $5 billion share repurchase program on Wednesday."
ServiceNow reported quarterly revenue and profit that beat Wall Street expectations and announced a partnership with AI startup Anthropic. CEO Bill McDermott restructured his executive compensation to tie future pay more closely to the company’s stock over the next three years, increasing his personal financial exposure. ServiceNow approved a $5 billion share repurchase program and plans to buy roughly $2 billion of stock soon. McDermott committed to remain CEO through the end of 2030 and insisted that generative AI is not eroding ServiceNow’s revenue growth or cash flow despite investor concerns. He described ambitions to build a trillion-dollar company.
Read at Business Insider
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