Why CEO Bill McDermott says ServiceNow's 39% stock crash is based on Saaspocalypse 'nonsense' and why AI will make it a trillion-dollar company
Fortune
Last updated: May 8, 2026
Bill McDermott's tenure as ServiceNow CEO, beginning in late 2019, has been marked by significant global disruptions, including the COVID-19 pandemic and subsequent economic shifts. Despite these challenges, the company has demonstrated remarkable growth and strategic evolution under his leadership.
- Under McDermott's leadership, ServiceNow experienced substantial growth, with its stock price multiplying significantly. This financial success was driven by the company's strategic focus on digital transformation and its ability to adapt to the changing business landscape. Key to this was the "platform of platforms" strategy, which positioned ServiceNow as a central hub for managing a wide array of digital workflows across different industries.
- The company's product development and expansion into new markets played a crucial role in its success. ServiceNow broadened its offerings beyond IT service management to include areas like employee workflows, customer workflows, and creator workflows, effectively diversifying its revenue streams and customer base. This expansion was supported by strategic acquisitions and substantial investments in research and development.
- McDermott's leadership style emphasized a strong company culture and a clear vision for the future, which resonated with employees and investors alike. The company navigated external economic headwinds, including inflation and recession fears, by demonstrating resilience and maintaining its growth trajectory, positioning itself as a leader in enterprise cloud computing solutions.
