Today, Bill McDermott is the CEO of ServiceNow (NOW), a major cloud computing company headquartered in Santa Clara, California.
But the tech executive didn’t always run companies based in Silicon Valley. Between 2014 and 2019, he served as CEO of SAP (SAP), a global software giant based in Walldorf, Germany.
In a wide-ranging interview with Yahoo Finance’s editor-in-chief, Andy Serwer, the CEO highlighted the biggest difference between running an U.S. company and a European one — companies in the U.S., in his view, operate more efficiently.
“I think the big thing is speed. And to me, the greatest asset in business is speed,” McDermott told Yahoo Finance. Specifically, he said, “On a day-to-day basis, it’s just faster to operate in the U.S.”
‘More of a challenging structure’
McDermott explained that European companies are often less efficient because they must balance both employee representative interests and board members’ interests.
European countries tend to have more…